Orbán cabinet introduces additional measures amid looming fuel crisis

The Hungarian government has introduced a protected price for fuels—effective from midnight on Monday—while also reducing excise duties on petrol and diesel to the EU minimum level, and banning exports of crude oil, 95-octane petrol, and diesel, Economy Minister Márton Nagy announced in a Facebook post on Monday evening.

Details shared about the reintroduced fuel price cap

He wrote that the Iranian war and Ukraine’s oil blockade have driven international oil prices steeply higher. To shield families, businesses, farmers, and hauliers from the fallout, the government is capping retail fuel prices from midnight. The maximum price for 95-octane petrol will be 595 forints per litre, and for diesel 615 forints per litre, he emphasised.

Fuel suppliers will pass on 95-octane petrol and diesel to retailers at prices below the protected level. The cap applies only to vehicles with Hungarian registration plates and permits, he noted.