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Gov't Calls on Fuel Companies to Adjust Prices to Regional Avg

Government

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The government is calling on motor fuel companies to adjust their prices closer to the regional average, on a voluntary basis, National Economy Minister Marton Nagy said arriving at a cabinet meeting on Wednesday, according to a report by state news wire MTI.

Nagy said motor fuel prices in Hungary had moved in a favorable direction on Wednesday, but added that prices expected on Friday were still higher than the regional average. The per-litre price of diesel still stands HUF 10 over that level and the price of gasoline is HUF 27 higher, he added.

The government has given motor fuel companies two weeks, after which time it will return to the issue, he said. If prices don't return to the regional average, the government will intervene with "firm measures", he added.

He noted that the government had earlier reached an agreement with the Hungarian Petroleum Association (MASZ) with the aim of ensuring local motor fuel prices were no higher than the regional average. He acknowledged that diesel prices were set to fall to HUF 633/liter and gasoline prices to HUF 647/liter on Friday.

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