In response to escalating global oil prices exacerbated by the Iran war, Hungary's Prime Minister Viktor Orbán has announced a price cap on gasoline and diesel. Starting from midnight, the petrol price will be limited to 595 forints ($1.75) per liter and diesel to 615 forints ($1.81) per liter. This decision reflects the country's attempt to shield consumers from the impacts of international market fluctuations while also maintaining stability within its fuel supply.

The price cap will be applicable exclusively to vehicles registered in Hungary, a move aimed at prioritizing residents amid rising costs. Alongside the price cap announcement, Orbán indicated that the Hungarian government is set to release oil reserves to ensure that there is sufficient market supply, suggesting the administration is taking proactive steps in the face of potential shortages linked to global tensions.

This latest fuel price intervention is reminiscent of a similar measure enacted by Orbán's government in November 2021. The timing of this announcement, just ahead of upcoming elections, also highlights the government's populist strategy as it braces for a challenge from opposition parties. As global oil prices remain volatile, such measures may be critical for maintaining public support through economical turbulence as the government navigates the ongoing geopolitical situation.