Hungary's government has moved to ban the export of crude oil, diesel, and 95-octane gasoline. Alongside this prohibition, the state plans to release fuel reserves sufficient to cover 45 days of domestic needs. The announcement was made by Economy Minister Márton Nagy through a Facebook post, as reported by Reuters.

The day prior, Prime Minister Viktor Orban stated that Hungary would cap fuel prices as a measure to shield both consumers and businesses from escalating costs. The price ceiling applies specifically to vehicles registered within Hungary.

Orban also took the opportunity to urge the European Union to abandon its sanctions on Russian energy - a call that comes roughly five weeks before the country heads into pivotal parliamentary elections.

Rising oil prices, fueled by the ongoing war involving Iran, have pushed up diesel and gasoline costs globally. This economic pressure compounds the difficulties Orbán faces ahead of the April 12 vote, where he is fighting to hold onto a grip on power he has maintained for 16 years.