Drastic fuel price decrease on the horizon in Hungary?

Márton Nagy, the national economy minister, on Monday met representatives of fuel distributors to discuss high fuel prices in Hungary and to review international developments and economic trends that have an impact on fuel distribution and prices, his ministry said.

Nagy held talks with representatives of the Hungarian Petroleum Association (MÁSZ), including those from oil and gas company MOL, and from the Independent Petrol Stations Association (FBSZ).

According to the ministry’s statement, Nagy noted that the average per-litre price of petrol is 618 forints (EUR 1.57), while a litre of diesel costs 631 forints. Citing data from the Central Statistical Office released last week, Nagy pointed out that the per-litre price of petrol averages 610 forints in neighbouring countries, while the price of diesel stands at 616 forints.

FBSZ and MÁSZ both proposed using monthly, rather than weekly, statistics for motor fuel price comparisons because of deviations due to factors peculiar to markets in neighbouring countries; which the minister said was worth considering.

Nagy added, at the same time, that the government’s expectation that fuel prices be kept below the average of neighbouring countries was unchanged, urging immediate steps from distributors. He said the government was prepared to intervene on the motor fuel market if prices did not fall.

Read also:

• Multinationals in trouble: Hungarian government imposes new special tax, keeps excess profit tax
• Gloomy outlook: Weakening forint, rising fuel prices in Hungary – Read more HERE