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Fuel prices down to neighbouring countries’ average

Marton Nagy, the national economy minister, said motor fuel price reductions announced on Wednesday would bring Hungarian prices at the pump down to the average of neighbouring countries.

Speaking to journalists after a cabinet meeting, Nagy said motor fuel companies had adjusted prices at the request of the government in recent weeks. He affirmed that the government had decided to use the average price of vehicle fuel prices in neighbouring countries, rather than for the whole region, as a benchmark for comparison.

From Friday, local petrol prices will fall to around 616 forints per litre, down 34 forints from the April peak, while diesel prices will drop to about 607 forints per litre, down 54 forints from a high in February.

Nagy noted the government’s call for local motor fuel companies two weeks ago to either bring prices at the pump down to the regional average or face government intervention.

He said the government expected motor fuel companies to continue to keep prices level with the average in neighbouring countries in future, too. The government will review the situation every two weeks, he added.

He acknowledged the companies’ cooperation and voluntary compliance with the government’s request, adding that they could squeeze the reduction into their profit margins.

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