Hungary’s gas supply security greatly depends on the long run import agreement with Russia bound to expire in the middle of the decade. The preparatory negotiations for the next agreement will probably start within the next two years. Taking the two digit percentage difference between the oil price-indexed import prices and the prices on the European markets into consid- eration, it becomes vital for the Hungarian end users to see how strong negotiation position does Hungary possess by the time the new agreement is concluded. Our article attempts to analyse this issue.