Minister Calls on Fuel Industry Insiders to Keep Prices 'Competitive'

Retail

Photo by CC7 / Shutterstock.com

Economic Development Minister Márton Nagy has called on vehicle fuel sellers to comply with an earlier commitment to keep price levels "competitive in regional comparison", his ministry said on Wednesday, according to a report by state news wire MTI.

At a meeting with representatives of the Hungarian Petroleum Association (MASZ), including ones from oil and gas company MOL, Nagy said he saw a "chance for adjusting" gasoline prices, but not diesel prices. Local fuel prices need to stay in the "regional mid-range", he added.

Affordable fuel is in the "common interest" and can contribute to a recovery of consumption and achieving 4% GDP growth, he said.

The sides earlier agreed to meet regularly to discuss the impact of domestic and international trends on fuel supply and prices, the ministry noted.

ADVERTISEMENT

Insurers' Premiums Revenue Climbs 5% in 2023 Figures

Insurers' Premiums Revenue Climbs 5% in 2023

Fidesz-KDNP Nominates Constitutional Court Head for Presiden... Government

Fidesz-KDNP Nominates Constitutional Court Head for Presiden...

Wider Margins Lift Magyar Telekom Earnings Telco

Wider Margins Lift Magyar Telekom Earnings

Hungarians Prioritizing Travel Over Renovations This Year Tourism

Hungarians Prioritizing Travel Over Renovations This Year

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.