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The excise tax on gasoline will be cut by HUF 19.25 to HUF 139.55/liter, while the excise tax on diesel will be reduced by HUF 20.48 to HUF 128.28/liter, Nagy said.
The government is also introducing a ban on exports of crude, 95-octane gasoline and diesel, and it will take firm action against predatory trade practices, he added.
Nagy made the announcement hours ahead of the introduction of price caps at the pump to mitigate the impact of the Ukrainian oil blockade and the conflict in the Middle East.
The government capped gasoline prices at HUF 595/liter and diesel prices at HUF 615/liter from midnight on Monday.
The cap applies to vehicles with Hungarian number plates. To ensure sufficient supply, the government has cleared the release of strategic inventories.
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