Minister for National Economy Proposes Government Intervention in Fuel Prices

“I will propose the intervention to the government tomorrow,” said Márton Nagy, Minister for National Economy, in response to questions about the government’s potential decision on fuel price regulation during an interview with Index.

The Minister expressed confidence that the proposed measure wouldn’t lead to supply issues, emphasizing that lower profit margins do not necessarily equate to selling fuel at a loss. Earlier, he announced that regional statistics based on EU data would be regularly published every Friday. He reiterated concerns about price trends not aligning with previous agreements.

During a press conference at the Ministry of National Economy on Tuesday, Minister Nagy addressed questions about proposing fuel price intervention at the upcoming cabinet meeting.

He affirmed his intention to propose intervention, with specific details of the measure still under development. The Minister stressed the importance of adhering to regional averages in the proposal.

Minister for National Economy Márton Nagy on April 12. Photo: MTI/Máthé Zoltán

Regarding concerns about potential supply disruptions, Márton Nagy mentioned that petrol prices would deviate by 3% and diesel by 5% from the regional average. He indicated that while petrol prices would remain unchanged, diesel prices would be reduced by HUF 8. He underscored that this adjustment was timely, particularly amid rising oil prices due to conflicts in the Middle East.

He emphasized that despite retailers feeling overcharged, families would benefit from the government’s decision.

Addressing tax cuts, Mr. Nagy emphasized Hungary’s average tax rate in the region and criticized the disparity between local fuel prices and regional averages. He clarified that reducing profit margins would not force retailers to sell fuel at a loss.

The Minister emphasized the importance of aligning regional prices and investigating any discrepancies. He emphasized corrective action if pricing differences were attributed to factors like “molecule” prices and pledged to hold accountable any party responsible for price disparities.