Hungary Caps Fuel Prices Amid Crude Oil Surge

Hungary's government will limit fuel prices to protect private consumers and businesses as crude oil prices rise, releasing state reserves to ensure supply. Prime Minister Viktor Orban announced that petrol and diesel prices would be capped at specific forint rates, effective for vehicles registered in Hungary.

In response to the escalating costs of crude oil, the Hungarian government has decided to cap fuel prices as a measure to protect both private consumers and businesses. Prime Minister Viktor Orban made this announcement via a Facebook video on Monday.

The price of petrol will be capped at 595 forints per litre, equivalent to $1.75, while diesel will be capped at 615 forints per litre, which is about $1.81. This cap is set to become effective on Tuesday, applying specifically to vehicles registered within Hungary. The current exchange rate stands at 339.8000 forints for $1.

This move includes releasing state reserves to ensure a steady supply of fuel amidst the crude oil price surge, aiming to mitigate impacts on the national economy.