The Dutch government said Monday that it would allocate over 950 million euros ($1.1 billion) to help compensate businesses and individuals for the surge in petrol prices since the outbreak of war between the U.S. and Iran.
"Energy prices are expected to remain high for the time being, even if the conflict in the Middle East should end soon," the government said in a statement.
"Households and businesses are already feeling the impact," it said, adding that they would be the priority for a first package of measures worth 627 million euros.
A further 340 million euros will be unlocked by cuts to business charges, to be financed by higher taxes on other items, in particular alcohol.
The government also activated Monday the first phase of its crisis plan in case of "imminent" fuel shortages as the Strait of Hormuz remains blocked to Gulf oil shipments since the war erupted in late February, sending oil and natural gas prices soaring.
It said that while there were currently no "acute" petrol shortages in the Netherlands, it was mobilising government agencies and industrial players in case "the situation deteriorates".
