Fuel prices capped again – The Budapest Times

As a reaction to the exploding oil prices, a capped price for fuels will apply at petrol stations in Hungary.

Viktor Orbán announced the measure after the extraordinary government meeting that the prime minister had convened for Monday afternoon to respond to the surging oil prices. The “protected” price will be 595 forints (1.50 euros) per liter of petrol and 615 forints (1.55 euros) per liter of diesel, and petrol station operators will not be allowed to exceed these prices. The government will release state fuel reserves to ensure security of supply.

For Hungarian vehicles

The government has apparently learned from the experience of the previous fuel price cap. The protected price that comes into force at midnight will apply exclusively to vehicles with Hungarian license plates and documents. In addition to private customers, farmers, hauliers and other freight operators will also be able to purchase fuel at the capped price.

“Unfortunately, the explosion of international oil prices as a result of the Iran war and the blockade of the Druzhba pipeline by Ukraine has also reached Hungary. That is why our government decided at today’s meeting to protect Hungarian families, entrepreneurs and farmers,” Orbán explained.

This has happened before

During the last energy crisis, the Orbán government introduced a uniform fuel price cap of 480 forints per liter in November 2021. The measure was later extended several times due to the outbreak of the Ukraine war, but had to be abruptly abolished on St. Nicholas Day in 2022 because security of supply had become extremely endangered under the price regime and many smaller petrol stations were threatened with bankruptcy. Since then, market-based fuel prices have fluctuated within a relatively broad range of 550–650 forints.

Artificial intelligence was used for the translation of parts of the original German text.