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Last Week’s Petrol Price Cut Proves Short-Lived

Hungary Today 2024.04.16.

It is no surprise that fuel prices in Hungary will also rise due to the weekend events, reports Világgazdaság. However, the good news is that motorists can expect a smaller price increase at the pumps.

Last week’s fuel price cut proved short-lived, based on a recent report from Holtankoljak.hu. According to the fuel price monitoring blog, the wholesale price of petrol will rise from Wednesday

by HUF 2 (EUR 1 = HUF 394) gross per liter.

The price of diesel, however, has not been touched for the time being. This means that from mid-week, drivers can expect to see the following average prices at domestic petrol stations:

  • 95 petrol: HUF 643 per liter
  • diesel: HUF 653 per liter.

Until midnight on Tuesday, the prices are HUF 641 per liter for petrol and HUF 653 per liter for diesel. It is important to stress that these are average prices, from which actual retail prices may typically deviate downwards. For example, fuel is roughly HUF 50 more expensive per liter near motorways. In any case, so far this year, from January to now at wholesale level,

the price of petrol has increased by HUF 104 per liter and the price of diesel by HUF 80,

although HUF 41 of this is due to the mandatory increase in excise duty in January. Excluding this, there is an increase of HUF 63 and HUF 39 for petrol and diesel respectively.

The Hungarian fuel market is going through another turbulent period. It turns out that domestic dealers are pricing seven to nine percent more than the regional average.

Minister for National Economy Márton Nagy summoned representatives of the Hungarian Petroleum Association, including MOL (Hungarian multinational oil and gas company), to his office last week. During the meeting, the parties reviewed international events and economic developments affecting the Hungarian fuel supply and fuel prices. Nagy drew attention to an earlier agreement between the parties that fuel prices should be in the mid-range in the region. On this basis, he warned the industry against not respecting their commitments under the agreement. He stressed his expectation that fuel prices should be in the mid-range in the region as soon as possible, in line with the agreement.

In addition, Minister Nagy informed the parties that the Central Statistical Office will soon set up a public system for monitoring regional fuel prices,

which will regularly present price differences and thus serve as a reference point for compliance, monitoring, and control of the agreement.

However, over the weekend, the Iran-Israel conflict erupted, which could ultimately put a serious dent in oil prices. As a result, there is unfortunately some expectation of a more substantial fuel price increase.

MOL Executives Summoned over Monumental Fuel Price Hikes
MOL Executives Summoned over Monumental Fuel Price Hikes

Fuel prices will rise again from Wednesday.Continue reading

Via Világgazdaság; Featured photo via Facebook/Orlen

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