The Government Acknowledges the Voluntary Fuel Price Reduction
May 2, 2024
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“The government is pleased to acknowledge that fuel retailers have grasped and embraced the government’s intentions, voluntarily reducing their prices,” stated the Minister for National Economy.
Márton Nagy, in a video shared on Facebook, emphasized the government’s goal of aligning petrol and diesel prices with the regional average. To achieve this, last week, the government urged fuel distributors to voluntarily decrease their prices.
“It is encouraging that retailers have comprehended and embraced the government’s objectives, voluntarily cutting their prices. On May 1, MOL (the national oil company) implemented a HUF 10 (Eur 1 = HUF 389) intraday price reduction for both petrol and diesel, marking another step in the right direction towards regional price alignment,” stated Mr. Nagy.
We have managed to reduce the price of petrol by HUF 16 compared to the peak in April, and diesel by HUF 41 compared to the peak observed in mid-February,”
he highlighted in the video.
However, he noted that further measures are necessary to address the ongoing price competition.
“As promised, the government will reassess the fuel price situation at next week’s meeting to determine if traders have met expectations. Additionally, the government will consider the fuel distributors’ proposal to utilize the average fuel price of neighboring countries as a benchmark instead of the regional average,” Márton Nagy added.
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