Hungarian Government to Propose Intervention in Fuel Price Regulation Amidst Rising Oil Prices

In an exclusive interview with Index, Minister for National Economy Márton Nagy announced his plans to propose an intervention to the government regarding fuel price regulation. He expressed confidence that this measure would not result in supply issues, stating that lower profit margins did not mean selling fuel at a loss. Additionally, the Minister announced the regular publication of regional statistics based on EU data every Friday, expressing concerns about price trends not aligning with previous agreements.

At a press conference held at the Ministry of National Economy, Minister Nagy addressed questions about the proposed fuel price intervention for the upcoming cabinet meeting. He confirmed his intention to propose the intervention, with detailed specifics still being developed. The Minister emphasized the importance of sticking to regional averages in the proposal, mentioning that petrol prices would deviate by 3% and diesel by 5% from the regional average. He also highlighted the necessity of this adjustment, especially with the increase in oil prices due to conflicts in the Middle East.

Furthermore, Minister Nagy emphasized that while retailers may feel overcharged, families would ultimately benefit from the government’s decision. He discussed tax cuts, pointing out Hungary’s average tax rate in the region and addressing the discrepancy between local fuel prices and regional averages. The Minister clarified that reducing profit margins would not force retailers to sell fuel at a loss and stressed the importance of aligning regional prices and investigating any discrepancies that may arise, such as “molecule” prices.

In conclusion, Minister Nagy pledged to take corrective action if pricing differences were determined to be due to unfair factors and promised to hold accountable any party responsible for price disparities. The government’s decision regarding fuel price regulation is expected to be proposed and discussed at the upcoming cabinet meeting.