After Hungary, Croatia and Italy decided to cap fuel prices or reduce their fuel taxes, Austria announced similar measures. 

Starting in April, the EU member is set to lower fuel prices by $0.12/liter through a trimmed fuel tax and capped margins of gas pump operators, hoping to bring relief to consumers at a time of high petrol and diesel prices.

"At some point you simply can't afford it anymore when fuel costs $2.30 a liter," Vienna resident Rudolf told CGTN.

While many Austrians hope the government's price interventions will bring some relief, it remains to be seen whether the price reduction can prevent another cost-of-living crisis.

The Ukraine conflict sent inflation rates through the roof, and there are fears the current fighting in the Middle East could have a similar effect.

"What we can expect is probably an increase in energy prices if these oil prices are not tackled quickly," said Daniel Witzani-Haim, Economist at the Austrian Chamber of Labor. 

"And then in a few months probably also higher prices for industry goods and also for basic food stuff in some areas also for the rent."

Inflation fears

According to Josef Baumgartner from the Austrian Institute of Economic Research, rising oil prices could increase the local inflation rate from 2.2 to 2.9 per cent with price interventions only having a limited effect.

"Austria is coming from a recession and high energy will also dampen the growth perspective for the Austrian economy so we expect this year an overall growth rate for GDP of around a quarter to one per cent," he said.

If oil prices rise further, countries like Austria and Germany could even see their inflation rates triple, experts fear.

Some residents in Vienna are trying to cut costs by opting for a bicycle instead of their car.

"It's good to have a bike," local resident Peter said. "And it's much healthier too. The fuel prices don't affect me at all."

If oil prices don't drop soon however, car drivers and bike riders alike could face difficult times paying their bills.