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Petrol Prices Sink to 4-Year Low in Hungary

Ábrahám Vass 2020.03.27.

The price of petrol sank under the 300 forint mark, now costing HUF 298 per liter (Eur 0.84) in Hungary.

Diesel fuel remains unchanged and costs HUF 335 (Eur 0.94).

It was back at the end of February 2016 that the price of petrol came down this far.

The first major drop in fuel prices came on March 4; before that, petrol cost as much as HUF 383 per liter (Eur 1.08) while diesel was HUF 393 (Eur 1.1). This means a drop of 85 forints (Eur 0.24) in the former and 58 forints (Eur 0.16) in the latter in this month only.

In 2019, the petrol price ranged from 345 to 412 forints (Eur 0.97-1.16), while diesel was between 383 and 418 forints per liter (Eur 1.08-1.17).

Index notes that the drop has been triggered by the worsening outlooks in demand due to the coronavirus outbreak and failed negotiations between the Organization of the Petroleum Exporting Countries (OPEC) and the large oil producers outside OPEC to further reduce supply. Tensions between Saudi Arabia and Russia due to the Gulf country’s decision not to cut back production also added to this, resulting in this extent of a drop virtually unseen over the last three decades.

featured image by MTI/Zsolt Szigetváry