Hungarian Minister for National Economy Márton Nagy has announced plans to propose an intervention to the government regarding fuel price regulation. During an interview with Index, he explained that this measure would not result in supply issues and emphasized that lowering profit margins does not necessarily mean selling fuel at a loss. He also discussed the regular publication of regional statistics based on EU data and expressed concerns about price trends not aligning with previous agreements.
At a press conference held at the Ministry of National Economy, Minister Nagy further discussed his proposal for fuel price intervention, which he confirmed he would be proposing at the upcoming cabinet meeting. He emphasized the importance of adhering to regional averages and addressed concerns about potential supply disruptions by stating that petrol prices would deviate by 3% and diesel by 5% from the regional average. He also announced that while petrol prices would remain unchanged, diesel prices would see an HUF 8 reduction.
The Minister highlighted the timely nature of this adjustment, particularly in light of increasing oil prices due to conflicts in the Middle East. He noted the benefits of the government’s decision for families, despite retailers feeling overcharged. Additionally, he discussed tax cuts and emphasized Hungary’s average tax rate in the region while critiquing the disparity between local fuel prices and regional averages. He made it clear that reducing profit margins would not force retailers to sell fuel at a loss.
The Minister stressed the importance of aligning regional prices and investigating any discrepancies. He mentioned taking corrective action if pricing differences were due to factors like “molecule” prices and pledged to hold accountable any party responsible for price disparities. Finally, he shared average fuel prices on April 24th, 2024 with petrol priced at HUF 648 (EUR 1.64) and diesel at HUF 640 (EUR 1.62) according to holtankoljak.hu.
In summary, Hungarian Minister Márton Nagy has proposed an intervention to regulate fuel prices in light of increasing oil prices due to conflicts in the Middle East. The measure aims to ensure families benefit from lower costs without impacting supply issues or forcing retailers to sell fuel at a loss
