Hungarian government to phase out fuel price cap, PM Magyar says (updated)

MOL Magyar Olaj es Gazipari Nyrt

17/06/2026 21:12

Adds quote by prime minister, background
BUDAPEST, June 17 (Reuters) - Hungary's government decided on Wednesday to phase out a fuel price cap that was imposed in March by former Prime Minister Viktor Orban amid surging crude prices, ahead of an April parliamentary election that Orban had lost.
Prime Minister Peter Magyar announced the decision in a Facebook post but did not say when the price cap would end. The limited prices on petrol and diesel have been available for vehicles registered in Hungary.
The decision comes after the U.S. and Iran agreed on a framework deal to end the conflict in the Middle East.
"As fuel prices at filling stations will likely fall below the capped prices by 10-15 forints per litre already this week, the government at its meeting today decided to tweak the legislation...and phase out the price cap," Magyar said. 
     Earlier this year Hungary released state reserves to ensure supply. Petrol prices are capped at 595 forints ($1.95) per litre now while diesel's price is capped at 615 forints per litre. 
The central bank has said that along with a strong forint, the fuel price cap helped keep a lid on price growth amid the Iran conflict and inflation risks.


($1 = 304.5500 forints)

 (Reporting by Krisztina Than; Editing by Daniel Wallis)
 ((krisztina.than@thomsonreuters.com;))