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Rising natural gas prices jeopardise the EU economy, causing high and sustained inflation, undermining consumers’ purchasing power, increasing production costs, particularly in the energy-intensive industry, and seriously threatening security of supply. Higher gas prices has been addressed by the EU acting on multiple fronts, with the adoption of a broad range of measures to limit excessive gas prices and ensure security of supply.

On December 19, 2022 the Council adopted Council Regulation (EU) 2022/2576, enhancing solidarity through better coordination of gas purchases, reliable price benchmarks and exchanges of gas across borders.

Furthermore, Council Regulation (EU) 2022/2578 adopted on December 22, 2022 established a temporary market correction mechanism to protect Union citizens and the economy against excessively high gas prices.

Finally, the Council adopted price caps for Russian petroleum products on February 4, 2023, after having previously capped the price of crude oil at $60 in December 3, 2022.

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