Socialists see room for 32 pc cut in retail gas prices

The opposition Socialists see room for a 32 percent cut in retail gas prices for households with average consumption, arguing that the significant fall in global energy prices since 2014 would make the price drop possible. 

The state-run natural gas trading company has made 51 billion forints (EUR 170m) net by not lowering its price despite falling global prices since 2014, parliamentary group leader Bertalan Tóth told a press conference.

He said the price of natural gas is 14.5 forints per cubic metre more than would have been justified in the recent period, and

the average Hungarian household has been paying an annual 22,000 forints extra accordingly.

If the ruling Fidesz party’s methods were used for reducing gas prices, then the largest saving would be given to the largest consumer. However, the Socialists have prepared a proposal which would enable small consumers to benefit the most.

By utilising the 51 billion forints, small consumers would be paying 32 percent less for the gas used, Tóth said.

He added that the Socialists’ proposal also includes a 10 percent cut in electricity and district heating.