As per a recent Reuters report, Hungary’s government, under the leadership of Economy Minister Marton Nagy, is contemplating the enforcement of reduced fuel prices following a review conducted by the Central Statistics Office (KSH) on regional price levels.
Nagy has recently called upon fuel suppliers to adjust petrol station prices to align more closely with the central European average, citing significant inflationary pressures within the European Union (EU).
Expressing growing impatience, Nagy has underscored that local fuel prices currently exceed the regional average by 7 to 9 percent. In response, he has convened representatives from Hungary’s Petrol Association and the oil and gas conglomerate MOL to address the issue, spurred by petrol prices reaching 642 forints ($1.75) per liter, surpassing the regional norm.
Additionally, Nagy has emphasized that the KSH will imminently release data on fuel prices and averages in neighboring countries. This information will enable the government to contemplate potential market interventions. This initiative follows Hungary’s decision to remove its fuel price cap in December 2022 due to import shortages and panic buying, with a commitment to intervene if fuel prices surpass the regional average.