Hungary Caps Fuel Prices Amid Crude Oil Surge

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.