BUDAPEST (Reuters) – Hungary’s government is not ruling out intervening in fuel prices and will discuss the matter at a meeting next Wednesday, economy minister Marton Nagy said at a press conference.
Oil prices briefly jumped by $3 a barrel on Friday on concern that Middle East oil supply could be disrupted after reports that Israel attacked Iran, although they then eased again [O/R].
“Petrol is 3.2% higher, while diesel is 5% higher than the regional average,” Nagy said.
The minister said reintroducing fuel price caps is “not ruled out”, putting further pressure on suppliers to cut prices closer to the central European average as part of a wider government price-setting intervention after an earlier inflation surge.
Hungary’s headline inflation eased to an annual 3.6% in March from a peak of above 25% in March 2023, the highest in the European Union.
The minister called representatives of Hungary’s Petrol Association and oil and gas group MOL to a meeting last Thursday after petrol prices in Hungary rose to 642 forints ($1.75) per litre.
The government scrapped a fuel price cap in December 2022 after a lack of imports and panic buying led to fuel shortages but promised it would intervene again if fuel prices rose above the regional average.
