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Petrol Prices at Record Highs in Hungary, is Further Rise Imminent?

• 26 Oct 2021 6:07 AM
• Hungary Around the Clock

Prime Minister Viktor Orbán did not rule out a freeze of petrol prices yesterday as he took questions in Parliament.

Róbert Dudás of Jobbik asked whether the government was willing to freeze prices, cut excise taxes and help people somehow, as petrol prices are at record highs, having risen six times in three weeks and with a further rise imminent.

Petrol prices, now Ft 496 per litre, are set to rise to Ft 501 from Wednesday.

In his reply, Orbán said the domestic model works by reducing the excise tax at higher petrol prices, which has already happened, but this only provides a temporary solution.

He said a price freeze is a dangerous move because it is very difficult to get back from there and such a move could do more harm than good. However, he said, he does not rule out the possibility that a price freeze will eventually be needed.

The situation is constantly being examined, but, Orbán said, he believes that wage growth could eliminate the difficulty caused by high petrol prices.


MTI Photo: Szilárd Koszticsák

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