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Hungary to cap gasoline, diesel prices at HUF 480/liter

Government

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Hungary's government has decided to set the maximum price for gasoline and diesel at HUF 480 per liter from November 15, Gergely Gulyás, the head of the Prime Minister's Office, said at a weekly press briefing on Thursday.

"We trust that this will mean support for the economy and contribute to a reduction in inflation," Gulyás said.

He said the price cap will not apply to premium vehicle fuel products. The government will not compensate traders for the measure, he added.

Higher vehicle fuel prices contributed 1.9 percentage points to a 6.5% spike in inflation in October, the National Bank of Hungary (MNB) said after the Central Statistical Office (KSH) released the latest monthly CPI on Tuesday.

Gasoline and diesel prices have edged over HUF 500/liter at many stations in Hungary.

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