Fuel traders in Hungary have been given a two-week deadline to reduce prices to the level of the regional average, the Economy Ministry said in Budapest. Here’s how I can do it.
According to a statement from the Ministry of Economy in Budapest, the Hungarian Government has given fuel traders a two-week deadline to reduce fuel prices on their own to the level of the regional average.
This information was communicated on Thursday by MTI.
Fuel traders in Hungary, forced to reduce prices
At a meeting with representatives of fuel traders, the minister informed that the Government analyzed in detail the situation on the fuel market during Wednesday’s meeting. It found that there is fierce competition, and fuel market prices reflect this conflict, which is a heavy burden on Hungarian families.
The minister emphasized that the real solution would be peace, but until this is achieved, the government is working to reduce the prices of war, because families should not bear the costs of this conflict, the statement issued by the ministry said.
At the meeting, Márton Nagy presented the cabinet’s decision that the government requires fuel retailers to voluntarily adjust their prices to the regional average, which is published every Friday and is determined by the Central Statistics Office using an objective methodology.
Fuel retailers have two weeks to do so, according to the statement.
The Minister of Economy highlighted that the government has noticed a positive trend in fuel prices recently, bringing the price closer to the regional average for both petrol and diesel.
However, in order to reach the regional average price, further price reductions in diesel and especially in 95 petrol are needed, as this is the only way to avoid government intervention.
Hungary would like to reintroduce the fuel cap
The re-introduction of a ceiling imposed on fuel prices is not excluded, according to the statements of the Minister of Economy.
This measure could put additional pressure on suppliers to reduce prices close to the Central European average, as part of a wider government intervention in price setting, given the high level of inflation.
Hungary’s annual inflation rate fell to 3.6% in March from a peak of over 25% in March 2023, which was the highest level in the European Union. You can read more here.
