Total consumption was 3,916 million liters last year.Continue reading
From Friday, the wholesale price of petrol and diesel will rise, Index wrote. The purchase price of petrol will increase by HUF 6 per liter and the purchase price of diesel by HUF 8 gross per liter.
From Friday, domestic fuel prices will rise further, according to watchdog site holtankoljak.hu. The further increase will mean a gross increase of HUF 6 for petrol and HUF 8 for diesel. With this wholesale price increase, the price at the pump will also rise to the following level:
There are several reasons behind the repeated price increase: In a more detailed forecast of price changes, Index wrote that oil prices would rise significantly this week due to the clashes in the Red Sea.
The price of Brent oil jumped from USD 77.9 to nearly USD 83 a barrel, a rise of six percent in a week. London-based analysts do not expect the USD 80 oil price predicted for this year to be pushed up by this current situation. However, they expect a temporary rise, meaning that the oil price could soon settle down and fall below USD 80. The forint/dollar exchange rate is not helping fuel prices this week, as the Hungarian currency has weakened by two percent and is now trading at HUF 357 to the dollar.
In addition, the price of petrol and diesel will certainly go up next week, by up to HUF 10.
Last week, the price of petrol rose by HUF 9 and diesel by HUF 11. This is not yet a significant change, but when looking at January as a whole, the picture is worse. In the first month of the year, the price of petrol and diesel rose by HUF 46 and 51 per liter respectively. HUF 41 of this is due to the compulsory and EU-mandated excise duty increase. In any case, this means that half of the gains from the fuel price cuts from September to January last year have already been lost; in that period, Hungarian fuel prices fell by around HUF 100-100 respectively.
Via Index; Featured image via Pexels
