Good news: gas consumer prices to fall in Hungary

The world gas price has not been as low as it is now for three months. Hungary will also feel the price drop, but we will have to wait a little longer. For the time being, we are using the gas Hungary bought earlier, at a higher price.

Despite what the Hungarian government calls “sanction inflation” and the collusion of energy companies, as rtl.hu writes, the price of natural gas has not been so low in a while. As a result, the direction of gas procurement in Hungary has started to shift quite spectacularly in the last week or two, G7 reports. The route through which Russian gas arrives is slowly decreasing, and more gas is coming in from the north and west. While gas volumes from Serbia have decreased, imports from Austria have increased, and after a four-month break, deliveries from Slovakia have resumed.

With prices falling, this is a perfectly logical market process, but it also shows that the government’s argument about physical dependence on Russia is simply not true. Monday was the seventh consecutive day in which more than 40 million cubic metres of natural gas entered the country. This was not only unprecedented since the outbreak of the war, but also before.

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It has now become clear that the measures taken to replace Russian gas have proved to be a good idea across Europe, and other gas producers are absolutely willing to take over the supply from Russia. The question is where the price drop will stop, what to expect this winter, and whether our wallets will feel the impact.