Hungary bans fuel exports amid rising prices in Europe

Hungary has banned the export of crude oil, gasoline and diesel fuel amid rising energy prices in Europe caused by the situation in the Middle East, the country's Minister of National Economy Marton Nagy said on social media, Report informs.

"The government is banning the export of crude oil, RON 95 gasoline and diesel fuel and is taking the strongest measures against abuses in trade," he said.

Nagy also noted that the government had decided to release oil reserves sufficient for 45 days.

To curb rising fuel prices, the Hungarian government introduced a price cap on gasoline and diesel starting March 10. The decision to freeze prices was made during an extraordinary cabinet meeting following a sharp increase in fuel prices in Europe caused by escalating tensions in the Middle East and the suspension of operations on the Druzhba oil pipeline, which also affected Hungary.