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From Friday, fuel prices will drop again in Hungary, according to refueling website holtankoljak.hu. The reduction will bring unprecedented low prices for motorists at petrol stations, with the average price of petrol and diesel dropping to below 600 forints (EUR 1.58) per liter.
From Friday, the price of petrol will be cut by 7 forints gross, bringing the average price of 95 octane petrol to 595 forints (EUR 1.56) per liter. For gas oil, the price will fall by 3 forints to an average of 577 forints (EUR 1.52) per liter.
However, these are average prices and it is up to individual petrol stations to decide what prices they apply. For this reason, even cheaper prices than the above may be available to motorists.
The minimum price for 95 octane petrol is currently 572.9 forints (EUR 1.51) per liter, while the minimum price for diesel is 548.9 forints (EUR 1.44) per liter. The figures show that gas oil is cheaper than petrol, which has not been the case for years.
While this week’s price drop is good news for motorists, experts warn that price increases could soon be back in the cards, as world demand continues to grow while the major oil producing countries cut production by hundreds of thousands of barrels a day. According to GKI, an economic research company, fuel prices could rise by up to 50 forints (EUR 0.13) in the next two months. Chief Executive László Molnár said that the price of oil could reach the 100-dollar-per-barrel level at any time, which means that a price increase of 6-8 percent is expected at the wells.
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