As fuel prices soar after a year of economic stagnation, following two years of recession, and continued layoffs, Germans are fearing what higher energy prices could mean, both at the pump and in terms of higher prices across the wide range of products and services that rely on oil.

Following a meeting with Christian Democrat (CDU) party leaders on Monday, German Chancellor Merz told press that the German government is monitoring the situation closely, in cooperation with the Economy Ministry and the Federal Competition Authority. However, any form of direct intervention to ease price hikes seems to be off the table.

Admitting that higher energy prices can impact Germany’s economy, Merz said they are “doing everything possible” to address the situation via energy independence and supply security over the long term, according to Eadaily.com, adding that the job will take more than “a few days.”

Merz’s stance is in stark contrast to that of Hungarian Prime Minister Viktor Orbán. The Hungarian government announced price caps at gas stations on Monday in response to the rise in global energy prices due to the Iran War. According to the prime minister, the measure will protect Hungarian families and Hungarian entrepreneurs.

Alternative for Germany (AfD) co-leader Alice Weidel took aim at Merz for his lack of action, especially in light of the fact that Germany has taken all of its nuclear reactors offline.

“Merz claims that the exit from nuclear energy is ‘irreversible’ – while his federal government is definitively ruining Germany’s economy and consumers are footing the bill. An utterly incomprehensible statement from a completely incompetent chancellor!” she posted on X.