Hungary introduces an upper limit on the price of fuel

Due to inflation, Hungary is introducing a three-month limit on the growth of fuel prices at gas stations to a maximum price of 480 forints (1.21 euros) per liter, the government of that country announced today.

“We have decided that the growth of gasoline and diesel prices will be limited from November 15,” said Gergelji Guljas, the head of Prime Minister Viktor Orban’s cabinet.

That means that the price can be less than 480 forints, but not higher, he said at a press conference in Budapest, pointing to the jump in fuel prices.

In recent weeks, the price of petrol and diesel has crossed the symbolic limit of 500 forints per liter at numerous petrol stations in Hungary.

“We are convinced that the measure that will be reconsidered after three months will support the economy and contribute to the reduction of inflation,” Guljas said.

Gas stations will not receive compensation, and the shares of the Hungarian group MOL on the stock exchange in Budapest fell by about 3.5 percent after the announcement of the government.

Orban, who will run again in the parliamentary elections scheduled for April next year after 12 years in power, is under increasing criticism from the opposition due to inflation.

Inflation reached 6.5 percent in October, the highest level since 2012 in Hungary. Other European countries are also facing rising fuel prices.

By Editor

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