The price of both types of fuel has increased by approximately 20 forints in just over two weeks.Continue reading
This week’s price drop of more than 17 percent in the price of Brent crude oil should be really noticeable, reports fuel price monitoring website Holtankoljak.hu.
On Thursday this week, the wholesale price of 95-octane petrol and diesel will fall by 12 forints (30 euro cents) gross. It is expected that this will gradually be reflected in filling station prices, after which the average price of petrol and diesel could fall below 600 forints (1.48 euros).
On Wednesday, the average prices were as follows:
Crude oil prices on the global market continue to hit new four-year lows, approaching the 60-dollar mark on Wednesday morning, based on trading data.
The drop in oil prices is partly due to concerns about the U.S. economy,
writes Világgazdaság.
On April 2, Donald Trump, the President of the United States, signed an executive order to introduce reciprocal tariffs on imported products from certain countries. The standard minimum tariff rate will be 10 percent, but higher rates will be applied in almost all countries.
The tariffs were calculated based on the deficit of the United States’ trade balance with the respective country in order to achieve equilibrium. This led to huge stock market falls not only in the United States, but around the world.
Another factor was last week’s decision by Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman to accelerate the increase in oil production: From May, 411,000 more barrels of oil will be produced every day, although this increase was previously planned over a period of three months.
Via Holtankoljak.hu, Világgazdaság; Featured image: Pexels