Week by week, the price of fuel is rising more and more dramatically in Hungary.Continue reading
After the drop in petrol prices on Friday, the price will be even lower on Wednesday. The price of petrol and diesel will also fall by 20 forints gross.
Petrol and diesel consumers can rejoice in the middle of the week, as the wholesale price of 95 petrol and diesel will be reduced by 20 forints gross, according to holtankoljak.hu. The reduction in the purchase price is expected to be reflected in the prices at the pumps.
Following the change, from Wednesday, the average prices will be as follows:
95 petrol: 610 Ft/liter
Gas oil: 660 Ft/liter
Since the middle of last month, the purchase price of fuel has been falling. On September 22, 95-liter petrol cost 660 forints per liter, while a liter of diesel cost 681 forints.
As for experts, they say that fewer people are filling up at Hungarian petrol stations for much less money. Petrol stations reported a drop in turnover of around 30% due to high prices. The president of the Independent Petrol Consumers’ Association said it was not uncommon for motorists to fill up for 1,000-2,000 forints a day. Regarding the international context, there are a number of risks on the oil and petroleum products market that could lead to a major price increase at any time. Russia has the potential to have a serious impact on the supply side, and it is not oil, but oil products that have really risen in price.
Even if the possible weakening of the forint (HUF) exchange rate is not taken into account, a price increase is still certain, as the excise tax increase is due to arrive in a few months. However, Márton Nagy, the Minister of Economic Development had previously made it clear:
the government intends to use all possible means to cushion the increase in fuel prices.”
As previously reported, Russian diesel exports by sea have resumed, just weeks after Moscow imposed a total ban. The Kremlin announced on Friday that it would lift “restrictions on exports from ports” of diesel.
The measure was introduced on the 21st of September in response to supply problems on the Russian market. Although an oil price drop was seen last week, experts say we should continue to brace for sustained high prices.
In addition, oil prices in the Middle East jumped by more than $4 per barrel on Monday morning after the conflict between Hamas and Israel heightened geopolitical uncertainty. However, optimism may have been encouraged by the lower price of fuel from Wednesday.
Via: Index.hu, MTI; Featured photo: Pixabay.