The Slovenian energy company Petrol will close its petrol stations in Croatia from noon to 1 pm on Wednesday, in retaliation for what they say were €45.6 million losses they incurred this year due to Croatian government's caps on fuel prices, the company said on Tuesday.

Petrol’s shareholders decided on this move at a meeting on Tuesday. They also urged the governments of Croatia and Slovenia to compensate the company for the losses caused by price capping. “Petrol’s filling stations in Croatia operate under that brand name and the brand name Crodux,” state news platform Hina said, without adding how many stations are operated by Petrol.

Petrol estimated that the losses incurred in Croatia in 2022 due to government’s intervention totaled €45.6 million. Petrol announced they would exempt stations located along motorways and along the coast from the one-hour closure.

The company said it wanted to draw attention to “the seriousness of the situation” and to prevent supply disruptions and a potential shortage of oil products in Croatia. Petrol has filed a request with the Croatian prosecutors an out-of-court settlement of the dispute, and if the process fails, the company intends to seek damages. Petrol will also lodge a complaint with the Constitutional Court, claiming that the legal provisions the government used to cap prices violated the Constitution.

The Minister for Economy and Sustainable Development, Davor Filipovic, will meet with Petrol’s management on Wednesday, the ministry said in an unsigned statement later on Tuesday.

“At a time when oil companies are making record-high profits due to the war in Ukraine and market speculation, the government has been doing its best to protect the Croatians’ standard of living… The government has capped oil companies’ petrol and diesel margins at 0.65 kuna and cut excise taxes on petrol and diesel by 0.80 kuna and 0.40 respectively,” state platform Hina cited the ministry’s unsigned press release as saying.

Presumably they meant the price per liter of fuel.

“Without those caps, the price of diesel would be 1.99 kuna higher, and the price of petrol 1.82 kuna higher than the current prices at petrol stations. Minister Filipovic will hold a meeting with Petrol’s management tomorrow,” Hina cited the ministry as saying.

(€1 = 7.53 kuna)