Government’s Strong Commitment to Competitive Fuel Prices
Hungarian Minister of National Economy, Márton Nagy, has emphasized the need for domestic fuel prices to remain in the mid-range of the region. This was highlighted during a recent meeting between the Minister, the Hungarian Petroleum Association and MOL, according to a statement by the Ministry of National Economy on Wednesday.
The regular meetings, which were based on an earlier agreement between the parties, aim to review domestic and international events and economic developments affecting fuel supply and prices.
During the meeting, Minister Márton Nagy stressed the government’s commitment to ensuring security of supply and competitive fuel prices at a regional level. He called on fuel distributors to honor their previous commitment in this regard.
The parties also discussed the possibilities of setting prices at regional levels to ensure that domestic fuel prices remain at least in the middle range. Minister Nagy mentioned the scope for adjusting prices for petrol, but noted that such scope could not be identified for diesel.
In addition, the parties confirmed their commitment to delivering on their objectives, taking into account the views of the government. Minister Márton Nagy emphasized the importance of affordable fuel as a common interest, which aims to protect families and contribute to the recovery of consumption and economic growth.
The recent decrease in the price of Brent oil, from USD 84 to USD 77, which suggests an 8 percent reduction, may also have an impact on fuel prices. However, the statement cautioned that fuel prices had risen slightly in the past week.
When looking at January as a whole, the overall picture is worse, with fuel prices increasing significantly. It was noted that half of the gains from the fuel price cuts from September to January last year have already been lost.
These developments underscore the need for ongoing discussions and collaboration between the government, industry stakeholders, and fuel distributors to ensure the best possible outcome for domestic fuel consumers.
Via MTI; Featured image via Pixabay
