The cap on retail petrol and diesel prices was introduced in November, and has been extended until May 15. The government introduced the measure to cushion the impact of high inflation.

The cap on wholesale prices for petrol and diesel at 480/litre forints, level with the limit on retail prices, is to prevent businesses from having to sell under cost, the ministry said.

A government decree on the measure was published in the latest issue of the official legislative gazette.

The decree published Monday also lowers the excise tax on petrol to 115,000 forints from 120,000 per 1,000 litres and the excise tax on diesel to 105,350 from 110,350 per 1,000 litres.