The government held a telephone session today and adopted a regulation on excise taxes on motor fuels and gas oils, the government's public relations office said in a statement.

Under the regulation, which will be in force as of 24 July, excise taxes on motor fuels and gas oils will remain the same - excise tax on petrol fuels will be 2,950 kuna per 1,000 litres while on gas oils it will be 2,050 kuna for 1,000 litres.

The new regulation thus rescinded the government decision of 5 July to increase excise taxes on motor fuels and gas oils by 0.15 kuna per litre as of July 10.

After taking into account events on the oil products market, the government decided at its session on 9 July to postpone new HRK 0.15 higher excise taxes by two weeks.

Finance Minister Slavko Linic told the press late last week that higher excise duties would probably not go into force until the price of the top selling fuel fell below 10 kuna per litre.