Péter Szijjártó, Minister of Foreign Affairs and Trade, said on Sunday that the outgoing US administration’s latest package of sanctions poses serious challenges to central Europe, adding that Hungary’s government will be in close consultations with its regional partners to minimise the increase in fuel prices.
The sanctions put on a company critical to Serbia's oil supply are set to lead to a fall in the amount of crude oil being imported by central Europe, Minister Szijjártó said, according to a ministry statement, adding this would also increase the demand for refined petrol and diesel.
"If demand rises but refining capacity falls, it unfortunately means that we are facing a threat of serious price increases," Minister Szijjártó warned. "The sanctions recently imposed by the outgoing US administration could lead to a serious increase in fuel prices in central Europe."
He said that over the coming days and weeks, the Hungarian government will be in close consultations with its regional partners with a view to minimising the sanctions’ negative impact on fuel prices and protecting the Hungarian and central European people.
"Because we know full well that rising fuel prices … don’t just make people’s lives harder and increase their expenses, but they also have a negative impact on economic output as a whole, which we want to avoid," Minister Szijjártó said.
Meanwhile, the minister welcomed that in a few days, "the United States will have a president who views Hungary as a friend and not as an enemy".