Hungary considers fuel price cap amid geopolitical uncertainty and rising costs

Hungary's government is debating whether to maintain a security price cap on fuel, a shift from its previous proposal to remove the protected price. The ruling Fidesz party suggests keeping the cap, acknowledging the minister responsible for the sector has the authority to set maximum retail fuel prices by decree if necessary. This comes as wholesale fuel prices have climbed, pushing average retail prices at Hungarian gas stations above the protected threshold. Diesel now costs an average of 617 forints per liter, and gasoline 597 forints. The conflict in the Middle East shows no signs of abating and is expected to persist through the summer, according to expert analysis. This prolonged geopolitical tension could keep oil prices elevated, signaling further price hikes at the pump in Hungary. Despite these concerns, Magyar Péter, speaking for the cabinet, pledged that Hungarian average prices would not exceed regional averages. He also stated the government is prepared to intervene if retail prices surge, but noted the previous protected price system cost the budget fifty billion forints monthly.

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In five years, I don't want anyone to ask me 'where is the UN?' (...) I would like to see the UN back at the table in conflict scenarios.