Illustration - Photo: MTI

Economy minister calls on fuel industry insiders to keep prices ‘competitive’

Minister for National Economy Marton Nagy has called on vehicle fuel sellers to comply with an earlier commitment to keep price levels "competitive in regional comparison", his ministry said on Wednesday.

At a meeting with representatives of the Hungarian Petroleum Association (MASZ), including ones from oil and gas company MOL, Nagy said he saw a “chance for adjusting” petrol prices, but not diesel prices. Local fuel prices need to stay in the “regional mid-range”, he added.

Affordable fuel is in the “common interest” and can contribute to a recovery of consumption and a 4 percent GDP growth, he said.

The sides earlier agreed to meet regularly to discuss the impact of domestic and international trends on fuel supply and prices, the ministry noted.

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