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Economy Minister Summons Fuel Retailers over “Unacceptable Prices”


Minister for National Economy Márton Nagy summoned representatives of Hungarian fuel retailers, i.e. representatives of the Hungarian Petroleum Association, including MOL (Hungarian multinational oil and gas company), and the Independent Petrol Stations Association to his office on Monday.

The extraordinary talks were justified by the high fuel prices on the domestic market, writes the Ministry for National Economy’s press release. During the talks, the parties reviewed international events and economic developments affecting Hungarian fuel supply and fuel prices. The minister noted that in Hungary today, 95 petrol is available at an average price of HUF 618 (EUR 1.56) per liter and diesel at an average price of HUF 631 (EUR 1.59 / 1 EUR=395.5 HUF) per liter.

Based on data published on Friday by the Hungarian Central Statistical Office (KSH), the average price of petrol in neighboring countries reached HUF 610, while the average price of diesel reached HUF 616.

This means that the price of fuel in Hungary is above the average in neighboring countries, with Hungarians having to pay HUF 8 more for petrol and 15 for diesel than in neighboring countries.

Average price of 95 petrol in Hungary and in neighboring countries. Source: KSH

Average price of diesel in Hungary and in neighboring countries. Source: KSH

Both the Independent Petrol Stations Association and the Hungarian Petroleum Association have proposed fine-tuning the methodology of statistical comparison.

They argue that it would be more efficient in the future to carry out statistical comparisons on a monthly rather than weekly basis, which would eliminate differences due to the specificities of neighboring countries.

This suggestion was seen worthy of consideration by the head of the ministry, they said.

Márton Nagy, Minister for National Economy, said that the government expects immediate action from the retailers “to put an end to this unacceptable and unfair situation.” He stressed the firm demand to fuel dealers to bring domestic fuel prices below the average price in neighboring countries as soon as possible.

Minister for National Economy Márton Nagy. Photo: MTI/Balogh Zoltán

“In the interest of families, the government has broken the war on fuel prices, as a result of which today the population can buy petrol for HUF 32 cheaper than the peak prices in April and February, and diesel for HUF 30 cheaper.

The pricing policies and behavior of fuel retailers are jeopardizing this result and leading to falling demand, which is hampering the recovery of consumption,”

the press release writes.

Márton Nagy added that if there is no shift towards the average price in neighboring countries, the government is ready to intervene in the fuel market with regulatory instruments.

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Via MTI, Featured image: Facebook/OMV Filling Stations





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