Photo: Shutterstock.com
Hungary’s government is putting a cap on the price of petrol and diesel fuel whose prices have recently soared in the country in the midst of spiraling inflation.
Fuel prices there are one-third higher than they were at the beginning of 2021, with the price of petrol having reached EUR 1.37/litre. As of Monday, the government’s measure will reduce that to EUR 1.32/litre. Inflation, high crude oil prices and increasing demand for fuel have driven prices sky high across Europe.
Relatively speaking, the price of fuel is not as high in Hungary as many other places in Europe; in fact, the EU average for one litre of petrol is EUR 1.66, according to Eurostat.
Prime Minister Viktor Orban announced the pricing cap on his Facebook page, writing that it would last for three months. It is likely a move to show that he is curbing inflation before Hungary’s parliamentary elections, which are scheduled for spring 2022.
Meanwhile, Hungary’s inflation rate for October was 6.5%.
Romanian authorities are investigating far-right, pro-Russian politician Calin Georgescu over allegations of working against the…
Austria’s centre-right People’s Party (OVP), centre-left Social Democrats (SPO) and centrist, liberal NEOs have now…
Republika Srpska (RS) president Milorad Dodik is once again at the centre of political turmoil…
Except for wartorn Ukraine, Slovakia has the most red tape in Central and Eastern Europe…
The dramatic breakdown of relations between Ukrainian President Volodymyr Zelenskyy, US President Donald Trump and…
US President Donald Trump underscored this week that he intends to impose 25% tariffs on…