Hungary’s government, led by Prime Minister Viktor Orban, has decided to adjust a formula imposed on fuel traders in an effort to control prices. Orban explained on Friday to public radio that this adjustment would exclude some central European countries from the basis of comparison.
Last week, Orban’s government announced that fuel traders had two weeks to align their prices with the central European average. This move was part of a broader intervention by the government to set prices following a surge in inflation last year.
However, Orban indicated a shift in approach regarding the pressure on fuel traders. He stated that the government’s current focus is on aligning prices with those in neighboring countries, with the exception of Poland, the Czech Republic, and Bulgaria.
Orban emphasized the need to ensure that Hungarians do not pay more for fuel than people in neighboring countries. He acknowledged that the initial proposal had shortcomings and that recalculations would be made based on this new approach.
Zsolt Hernadi, CEO of Hungarian oil and gas group MOL, expressed concern last week about the impact of state intervention in markets on the company’s plans.
In December 2022, Orban’s government lifted a fuel price cap due to shortages caused by a lack of imports and panic buying.
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