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Economy minister calls on fuel retailers to align prices with regional average

The government has called on fuel retailers to align their prices "voluntarily" with the regional average, the national economy minister said on Wednesday.

Marton Nagy said after a government session that the prices of 95 petrol and diesel, especially, had to return to the regional average.

While prices have fallen some, the prices expected to come into effect on Friday are still higher than that by 10 and 27 forints per litre for diesel and petrol, respectively, he said.

The government has given retailers 2 weeks to comply before the cabinet examines the prices again “and will undertake stringent measures” if prices remain above the regional average, he said.

“The real solution would be peace”, Nagy said, adding that the government will continue to work to curb war-time prices.

Nagy noted that the Hungarian mineral oil association (MASZ) have concluded an agreement to keep fuel prices at the regional average, and sector players have aligned prices with the regional average published by the Central Statistical Office on Friday, he said. Hungarian oil and gas company Mol has cut the prices of diesel to 633 forints and that of petrol to 647 forints over the week, he added.

In order to protect families, the government is calling on all retailers to go back to regional prices as soon as possible, he said.

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