Hungary to cap gasoline and diesel prices amid surging costs

BUDAPEST, Hungary (AP) — Hungarians will soon have some relief at the pumps after the government announced it will limit the price of gasoline and diesel amid soaring fuel prices. A government minister told reporters Thursday that a cap of 480 Hungarian forints, or $1.50, per liter of fuel would go into effect nationwide Monday. That’s a reduction from the national average of 506 forints for gasoline and 512 forints for diesel. Fuel prices have climbed to near record levels in Europe and the U.S., pushed by inflation, ballooning crude oil prices and increasing demand as economies recover from the COVID-19 pandemic. Fuel prices in Hungary are over 50% higher than this time last year.