Hungary’s opposition Fidesz parliamentary group has called on Prime Minister Péter Magyar and Minister for Economy and Energy István Kapitány to take immediate action to protect consumers from rising fuel prices, while also demanding greater transparency over the country’s strategic fuel reserves.
In a statement released on Wednesday, the party warned that motorists are already facing significantly higher prices at filling stations, with 95-octane petrol selling for as much as HUF 615 per litre and diesel reaching HUF 635 per litre at some stations.
According to Fidesz, reports suggest that escalating geopolitical tensions affecting global oil markets could push prices up by a further HUF 30-40 per litre in the coming weeks.
Fidesz criticises government over fuel pricing
The opposition party argued that Prime Minister Péter Magyar had campaigned on a promise of HUF 480 fuel prices, but claimed that one of the new government’s earliest decisions was to abolish Hungary’s protected fuel pricing scheme.
Fidesz accused the government of failing to safeguard Hungarian consumers at a time of increasing uncertainty on international energy markets.
Questions over Hungary’s fuel reserves
The party also raised concerns about Hungary’s strategic oil reserves, citing industry statements claiming that the country’s stockpiles have not been replenished.
According to the statement, Hungary currently has diesel reserves sufficient for 24 days and petrol reserves for just 14 days. Fidesz argued that such reserve levels could leave the country particularly vulnerable if global energy markets were disrupted.
“It is time for István Kapitány to prove that he represents the interests of the Hungarian people rather than international oil companies,” the parliamentary group said. The party urged the government to disclose the true state of Hungary’s fuel reserves, replenish stockpiles and take measures to prevent a potential fuel shortage if global oil markets experience further shocks.
Wholesale fuel prices rise again
The appeal comes as wholesale fuel prices increased significantly on Wednesday. According to Hungarian fuel price monitoring website Holtankoljak.hu, the wholesale price of petrol rose by HUF 14 per litre, while diesel increased by HUF 7 per litre.
The latest price hike has been attributed primarily to rising crude oil prices and heightened geopolitical tensions in the Middle East, which have pushed global oil prices higher in recent days.
Protected fuel prices ended in June
Hungary’s protected fuel pricing scheme officially ended on 27 June. According to the legislation, the government justified the removal of regulated fuel prices by citing improvements in the international energy situation.
However, the law also allows the minister responsible for trade policy to reintroduce official fuel prices by decree in the future if market conditions change dramatically and state intervention becomes necessary to protect consumers. The government has not announced any plans to reinstate regulated fuel prices at this stage.
If you missed it: Fuel price cap ends in Hungary today as government lifts emergency measure
