Fuel prices in Hungary have been rising steadily for weeks, and there seems to be no end to the trend, Index reports. From Wednesday, both petrol and diesel prices will rise again, by 7-7 forints gross. The price increase is due to the weakening of the forint and the rise in Brent oil prices, among other factors.
According to refueling website Holtankoljak.hu, on Wednesday the wholesale price of petrol and diesel will increase by 7-7 forints gross, leading to higher prices at petrol stations. The average prices in the middle of the week will be as follows: 95-octane petrol: 636 forints (EUR 1.65) per liter, diesel: 645 forints (EUR 1.67) per liter.
The last time fuel prices changed was on Friday last week, when petrol was three forints cheaper gross.
Since the end of July, domestic fuel prices have risen by around 40 forints (EUR 0.10).
Ottó Grád, secretary-general of the Hungarian Petroleum Association, told Index that the rise could be due to the forint exchange rate and the price of oil on the world market. “I sincerely hope this will not continue and prices will stay in this range. In the next few days or weeks, fuel prices will be sensitive to the forint.
If our currency strengthens back, prices could stagnate – possibly fall – but if it continues to weaken, we will inevitably see a price rise,”
However, even if prices were to stagnate or fall, the government will raise excise taxes on petrol and diesel at the beginning of next year to meet its EU obligations. The tax rise will amount to 41 forints (EUR 0.11), significantly increasing fuel prices. The situation is further nuanced by the fact that we do not yet know how high average fuel prices will be at the beginning of next year, before the integration of the excise tax.
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