Hungary government scraps price cap on fuels

BUDAPEST (Reuters) – Hungary’s government scrapped a price cap on fuels as of 2300 CET on Tuesday after a lack of imports and panic buying led to fuel shortages across the country in the past days that oil and gas group MOL said created a “critical situation.”

Prime Minister Viktor Orban’s chief of staff told an extraordinary briefing that the government had to abolish the price cap, which was introduced a year ago, at MOL’s recommendation.

(Reporting by Krisztina Than; Editing by Mark Porter)