Russian gas prices continue to rise for Hungary
Hungary has already had a rather unfavourable deal with Russia back in August when it purchased gas at a price 12 percent higher than the benchmark exchange price two months earlier. However, this fact contradicts an earlier statement issued by Minister of Economic Development Márton Nagy.
Ever-increasing gas prices
Contrary to the earlier statement of the Minister of Economic Development, Márton Nagy, the Russian gas price did not follow the stock market price of one month but two months earlier. Népszava found this out on the basis of the updated foreign trade database of the Central Statistical Office. The two arcs almost coincide with a delay of at least two months.
The small difference is not so minor. Since January, Vladimir Putin has been charging Hungary more and more for fuel, even by stock market standards.
In February, Márton Nagy said that Hungary purchased its fuel at a fifth of the world market price. However, in reality, we were charged 30 percent more than its stock market value. The Orbán government refuses to reveal the official price, but the KSH data gave an accurate estimate.
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Concerning contradiction
The Hungarian government has claimed that the Hungarian-Russian gas contract signed in October 2021 would provide the gas needed to maintain the cuts. After the elections, Prime Minister Viktor Orbán admitted that the price followed the stock market. At the time, Orbán said that it was not the price but the availability of fuel that was important.
The government officials declined to disclose the data supporting their allegations, citing the confidentiality of the contract. The two-month delay means Hungary will have to pay horrendously high gas bills between September and December, 24.hu reports.
By August, the average exchange price per thousand cubic metres was EUR 2,305, far exceeding all previous levels. Therefore, during the storage period in October, Hungary was transferring hundreds of millions of euros to Moscow.
According to Népszava, this is the reason for extra profit taxes, the August residential gas tax hike and the payment rescheduling agreement between the Hungarian-Russian state gas trader in early October.
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Source: 24.hu, Népszava