Gov't Acknowledges Drop in Motor Fuel Prices

Government

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The government welcomes an announcement by Hungarian oil and gas company MOL on a HUF 4/liter reduction in the price of gasoline and diesel that will bring motor fuel prices closer to the regional average, the National Economy Ministry said in a statement on Thursday.

The government called the measure "another favorable step".

On Tuesday, National Economy Minister Márton Nagy also acknowledged a decision by MOL to cut gasoline and diesel prices by HUF 10/liter on Monday. "That's another step in the right direction that brings us closer to regional prices," he said.

A week earlier, Nagy had issued an ultimatum to motor fuel companies: either bring prices at the pump closer to the regional average or face government intervention.

On Tuesday, he affirmed the government would weigh the matter at a cabinet meeting in the coming week. He also said the government would consider a request by fuel companies to use prices in neighboring countries, rather than the regional average, as a benchmark for comparison.

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