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Big changes are coming to Hungarian petrol stations, with fuel prices set to rise as the year draws to a close, reports Világgazdaság. The latest announcement from fuel price tracker Holtankoljak reveals that from Tuesday, December 31, 2024, the wholesale price of petrol will increase by 3 forints (1 euro= 411 forints) per liter. This change is expected to push the average price of petrol to 617 forints (1.50 euros) per liter, while diesel remains stable at 637 forints (1.54 euros) per liter.
However, this is unlikely to be the final price adjustment for fuel. Starting January 1, 2025, an inflation-linked excise duty hike will take effect. This adjustment reflects a 4.1% increase, based on the inflation rate recorded in July 2024. As a result, the excise duty on petrol will rise from 152.55 to 158.8 forints per liter, and for diesel, from 142.9 to 148.76 forints per liter. With VAT (Value Added Tax) also applied to excise duties, consumers can expect retail fuel prices to climb further.
Preliminary estimates suggest that petrol prices could increase by an additional 6-7 forints per liter, while diesel may see a similar rise.
Some analysts, including Holtankoljak, warn that retailers might push prices up even more, potentially by 10-11 forints per liter, exceeding the direct impact of the tax increase.
As fuel is considered a basic commodity, demand remains largely unaffected by price changes, giving petrol stations the ability to pass on higher costs to consumers. The true extent of these increases will soon be visible on price boards across the country.
For Hungarian drivers, these changes mark the beginning of a potentially challenging year.
With fuel prices already high, further increases could impact household budgets and transport costs significantly. All eyes will now be on petrol station prices as the new year unfolds.
Via Világgazdaság; Featured image via Pexels
