Economic development minister holds talks with MOL executives

At their meeting, Nagy and fuel trade industry players reviewed domestic and global trends, with a particular focus on energy and fuel supply.

The sides reviewed the reasons for the recent fuel price increase, discussed future price trends and analysed and specified the problems and risk factors that have emerged.

They concluded that fuel supply in Hungary was stable and secure and attributed the fuel price increase to international and country-specific factors, including narrower Brent/Urals spreads and dearer transit costs as MOL pays several times the market average for crude delivery fees through Ukraine and Croatia.

Nagy noted that higher vehicle fuel prices had added 0.4 percentage point to headline inflation, saying the government would use “all tools at its disposal” to mitigate the price increase. He signalled that the industry players would be asked to report monthly on international and domestic price developments, and on measures to moderate prices, the ministry said in the statement.