Oil Association Head Expects Fuel Price Deceleration

Energy Trade

The general secretary of the Hungarian Mineral Oil Association, Ottó Grád, expects the growth of fuel prices to slow down in the coming weeks. 

In his interview with InfoRádio, he said there is currently no reality for the government to intervene in fuel prices again. However, Minister of National Economy Márton Nagy previously said he believed he sees a chance to adjust prices in the case of gasoline. 

For both fuel types, fuel prices have been rising since the beginning of the year. Last Friday, the wholesale price of gasoline increased by HUF 7 per liter and that of diesel by HUF 10 per liter. 

Grád recalled that, due to tax obligations, fuel prices rose by HUF 20 on Jan. 1 and another HUF 21 in the middle of the month.

This was only compounded by the increase in the world market price of crude oil and the weakening of the forint.

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