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AP National Business

Hungarian government scraps year-old ceiling on fuel prices

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Published 4:39 PM

By JUSTIN SPIKE
Associated Press

BUDAPEST, Hungary (AP) — Hungary’s government is cancelling a state-imposed cap on fuel prices after a wave of panic-buying by motorists led to fuel shortages and long lines at filling stations across the country. Government minister Gergely Gulyas announced at a news conference that prices of gasoline and diesel at fuel pumps will be set according to market rates as of 11 p.m. Tuesday, That brings an end to more than a year of government-mandated price controls that have strained the ability of the state energy company to keep up with demand.

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