(ANSA-AFP) - BELGRADE, MAR 20 - Serbia is further reducing fuel taxes, cutting state revenue by around 60 percent, the president announced on Friday, as countries worldwide grapple with rising oil prices driven by the war in the Middle East. A decision was made to cut taxes by an additional 40 percent, following a previous 20 percent reduction just a week ago, and the new rate will be in effect in the coming weeks. "Cumulatively, around 61 percent will be reduced from the excise duty. We will almost forgo our state revenue to keep this price," President Aleksandar Vucic said while presenting the new measures." The weekly retail prices were set at 1.80 euros ($2.07) per litre for diesel and 1.60 euros ($1.85) per litre for petrol. "Without the previous excise tax reduction, diesel would today cost around 2.18 euros ($2.52) per litre," Vucic added. Belgrade earlier banned the export of oil and oil products until April 2, except for butane, propane, and LPG. The government also previously approved the use of around 40,000 tonnes of oil from state reserves. Brent crude soared as high as $119 a barrel on Thursday after Tehran struck a number of energy sites around the Gulf in retaliation for Israel's attack on its South Pars field. (ANSA-AFP).