Hungary, Draft budget submitted to the Parliament includes an 1.7 billion euros fund aimed at protecting consumers from gas and electricity price increases

, SEE Energy News

State Secretary at the Hungarian Ministry of Finance Peter Beno Banai said that the draft budget submitted to the Parliament includes an 1.7 billion euros fund aimed at protecting consumers from gas and electricity price increases.

Banai said that local governments will be facing utility price increases as the utility price caps will be scrapped for companies and municipalities in next year’s budget. At the same time, they will also see increased revenues to the tune 250 million euros as the business tax cuts for SMEs will also be lifted.

He also pointed out that oil and gas extraction is also taking place in Hungary, albeit on a small scale, and its profitability has also increased significantly, part of which is being channeled into utility subsidies.