The cost of capping fuel prices in Poland for just over three months due to the conflict in the Middle East amounted to around 4.7 billion zlotys ($1.25 billion), the Finance Ministry said on Tuesday.
In March, Poland announced cuts in VAT on fuel to 8% from 23%, a reduction in excise duty to the EU minimum and started capping prices of motor fuel on a daily basis.
Since their introduction, the measures have been extended every two weeks and they expired at the end of June.
"The cost of the... program amounted to approximately PLN 4.7 billion," the Finance Ministry told Polish press agency PAP.
"The program proved successful – costs for households and a large portion of businesses decreased, and inflation was maintained at a low level – 2.5% year-on-year in June," it said.
($1 = 3.7671 zlotys)