Watch: EU governments are throwing billions at the petrol shock. Will it help?

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The ongoing Iran war is impacting oil prices in Europe, leading to significant price increases at the pump. EU governments are implementing various strategies to alleviate the burden on drivers, including tax cuts and price controls in countries like Spain, Poland, Hungary, Germany, Austria, and France. While these measures aim to help citizens, there are concerns about oil companies absorbing the tax benefits. European politicians are cautious about escalating involvement in the conflict, as demonstrated at the recent G7 summit.