Government Remains Committed to Ensuring Competitive Fuel Prices

Domestic fuel prices must remain in the mid-range of the region, Minister of National Economy Márton Nagy stressed at a meeting with the Hungarian Petroleum Association and MOL, according to a statement by the Ministry of National Economy on Wednesday.

Based on an earlier agreement between the parties, the regular meetings will review domestic and international events and economic developments affecting fuel supply and prices, they said.

At the meeting, Márton Nagy pointed out that

the government remains committed to security of supply and adequate fuel prices, and has asked fuel distributors to honor their previous commitment to ensure competitive fuel prices at regional level.

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As in previous months, the parties have reviewed the possibilities for setting prices at regional level so that domestic fuel prices are at least in the middle range. The minister noted that he saw scope for adjusting prices for petrol, but that no such scope could be identified for diesel.

The parties confirmed that, having considered the views of the government and the minister, and in line with their objectives, they would endeavor to deliver on their commitment. Márton Nagy emphasized that

affordable fuel is a common interest that, while protecting families, contributes to the recovery of consumption and the achievement of the 4 percent economic growth,

the statement concluded.


This week, good news broke as the price of Brent oil had fallen from USD 84 to USD 77. This decrease of 8 percent suggests that the fall may also be reflected in fuel prices. However, it should be noted that last week, the price of petrol rose by HUF 9 (1 EUR = 388 HUF) and diesel by HUF 11. This is not yet a significant change, but when looking at January as a whole, the picture is worse. In the first month of the year, the price of petrol and diesel rose by HUF 46 and 51 per liter respectively. HUF 41 of this is due to the compulsory and EU-mandated excise duty increase. In any case, this means that half of the gains from the fuel price cuts from September to January last year have already been lost; in that period, Hungarian fuel prices fell by around HUF 100-100 respectively.

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Via MTI; Featured image via Pixabay

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