Hungary’s Parliament on Tuesday approved legislation phasing out protected fuel prices.
Lawmakers adopted the amendment to the Act on Price Setting and the Act on the Strategic Stockpiling of Imported Crude Oil and Petroleum Products, submitted by Minister for Economy and Energy István Kapitány, with 130 votes in favour, 36 against and five abstentions.
The government justified the abolition of regulated fuel prices by citing improvements in the international energy policy environment.
While ending the price cap, the legislation also allows the minister responsible for trade policy to reintroduce official prices for petrol and diesel through a decree if necessary in the future. Citing the volatility of the fuel market, the law provides for state intervention in cases where market conditions change disproportionately and require government action in order to protect consumers’ interests.
(MTI)
