Hungary will extend the fuel price cap for another three months, the country’s Justice Minister Judit Varga announced via a post on her social media platforms on Tuesday.
“The petrol price stop is working, therefore we are extending it until May 15,” Varga wrote.
The measure to freeze fuel prices at 480 Hungarian forints (€1.31) was decided by the Hungarian government on Nov. 12 in order to rein in inflation largely caused by energy and raw material prices; it came into effect on Nov. 15 for an initial period of three months.
Budapest has lowest natural gas prices of all European capitals
This year, gas prices in European capitals rose by an average of 54.57 percent, while in Hungary, the increase was just 1.5 percent
The decision to extend the cap was initially confirmed by Hungarian Prime Minister Viktor Orbán during his state of the nation address on Saturday.
“The price cap (on fuel) has worked, therefore we are extending this for another three months,” Orban told the country.
In addition, on Jan. 13 the government also announced a price cap on six essential food groups (sugar, wheat flour, sunflower oil, pork leg, chicken breast and 2.8 percent fat milk) for three months at the price the items were on Oct. 31, 2021.
The conservative government in power since 2010 decided on a utility bill control system back in December 2012 which is still ongoing. This has resulted in one of the lowest electricity and gas prices for households in the whole of Europe.