BUDAPEST (Reuters) - Hungary’s economy minister put pressure on fuel suppliers on Thursday to cut prices closer to the central European average as part of wider government interventions into price-setting following the worst inflationary surge in the European Union.
Marton Nagy called the representatives of Hungary's Petrol Association and oil and gas group MOL to a meeting citing an earlier "agreement" between the government and the industry, after fuel prices in Hungary rose to 642 forints ($1.77) per liter this week, above the regional average.
"On this basis, he has clearly warned the industry that they are not respecting their commitments under the agreement," the statement read.
"He stressed his firm expectation that fuel prices should move towards the mid-range in the region as soon as possible, in line with the agreement," the statement added.
Hungary's government scrapped its fuel price cap in December 2022 after a lack of imports and panic buying led to fuel shortages, promising it would intervene again in the market if fuel prices rose above the region's average.
Hungary's Petroleum Association and MOL declined to comment immediately.
($1 = 362.7900 forints)