The price cap will apply to private individuals, farmers, hauliers and businesses with vehicles with Hungarian number plates, Orban said.

The government will protect Hungarian households, farmers and businesses from surging prices at the pump amid the Ukrainian oil blockade and the conflict in the Middle East, he added.

Orban said motor fuel supply will be ensured with the release of national strategic reserves.

For reference, on Monday the price of petrol at MOL fuel stations in Budapest ranged between Ft 576 and Ft 633 per litre, with a national average of Ft 585.

Similarly, the price of diesel was Ft 576 to Ft 719 with an average of Ft 629.

Only drivers of vehicles with Hungarian licence plates and registration may buy fuel at the lower rates.

Earlier Orban announced: Measures necessary to prevent 'intolerable' petrol prices

The government must prevent diesel and petrol prices from rising to "intolerable" levels, Prime Minister Viktor Orban said in a video message on Facebook on Monday.

Orban noted that crude prices in Hungary had started to surge because of Ukraine's oil blockade and the conflict in the Middle East.

He added that Ukrainian President Volodymyr Zelensky's decision to block deliveries of Russian crude bound for refineries in Hungary and Slovakia posed a threat not only to those two countries but to the entire European Union.

To mitigate risk, Orban said all of Europe needs to revisit its sanctions policies and lift the ban on Russian energy, adding that he pressed for the measure in a letter sent to European Commission President Ursula von der Leyen on Monday.

"At home, we have to prevent petrol and diesel prices from rising to intolerable levels. To that end, I have called an extraordinary cabinet meeting early in the afternoon. I will make an announcement afterward," Orban said.

Orban convenes defence and energy security council

Prime Minister Viktor Orban has convened the Defence and the Energy Security Council, he said on Facebook on Monday.

"Exploding oil prices. That is the result of the oil blockade and the situation in the Middle East. For us, Hungary's security comes first," he said.

Meanwhile, Szijjarto presses to restore Europe's access to Russian energy amid threat of surging prices

Minister of Foreign Affairs and Trade Peter Szijjarto said Europe's access to Russian energy should be restored immediately to prevent a "dramatic" rise in prices because of the conflict in the Middle East, after a meeting of the Defence and Energy Security Council on Monday.

The conflict in the Middle East does not appear to be headed toward resolution, and the closure of the Strait of Hormuz, a choke point for delivery of one-third of global seaborne crude and 20pc of gas, presents a "big problem", especially for Europe, because of its earlier ban on Russian energy, Szijjarto said.

To mitigate the impact of higher prices due to the conflict in the Middle East, he urged a lifting of that ban. Without that step, higher energy prices could "ruin" the European economy and put the citizens of the continent in a "very difficult" position, he warned.

"Brussels needs to take immediate steps, free of any ideological position, to help Europeans and the European economy in the face of dramatic price increases," he said.
 

Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.

Since the goal of XpatLoop is to keep readers well briefed, right across the spectrum of opinions, MTI items are shared to ensure readers are aware of all narratives within the local media.

XpatLoop believes in empowering readers to form their own views through complete and comprehensive coverage. To facilitate this XpatLoop has a balanced range of news partners, as you can see when you surf around XpatLoop.com
 

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