Despite these reductions, disparities persist between Hungary and its neighbors.Continue reading
Fuel prices in Hungary will change from Friday, based on a recent data release by Holtankoljak.hu. According to the fuel price monitoring blog, a general fuel price cut will take effect at Hungarian gas stations: wholesalers have decided to cut the price of both petrol and diesel by HUF 5 (EUR 0.013 / 1 EUR=390 HUF).
This is not a surprise, as crude oil prices have reached a four-month negative peak at USD 77 per barrel, Világgazdaság reports. This also implies that the price of fuel in Hungary could also correct downwards. As this price drop is likely to be reflected in fuel retailing, vehicle owners can expect the following average prices from the last working day of the week:
The average prices until Thursday midnight are currently HUF 597 and 603 respectively. It is important to stress that these are average prices, which may vary considerably from one gas station to another. There are some stations in Hungary where the price of petrol and diesel is around HUF 575 per liter, and others where it is over HUF 680. However, the typical price for petrol and diesel is already below HUF 600 and ranges between HUF 590 and 599.
The newly announced HUF 5 fuel price cut could mean that typical fuel prices in Hungary may reach HUF 580 per liter by Friday. This is particularly good news, as prices looked very different barely two months ago.
Since mid-April – partly due to government action – there has been a massive reduction in prices at the pumps.
On April 25, for instance, the average price of 95 petrol was HUF 650 per liter, while diesel was HUF 639. This means that since then, both petrol and diesel have become around HUF 40-60 cheaper.
After the government considered intervening in April because domestic fuel prices were diverging sharply from those in regional countries, prices started to fall rapidly. The latest figures from the Hungarian Central Statistical Office (KSH) at the end of May show the result:
95 petrol prices in Hungary and average of the countries in the region. Source: KSH / energy.ec.europa.eu
Diesel prices in Hungary and average of the countries in the region. Source: KSH / energy.ec.europa.eu
The price of petrol and diesel has risen by HUF 62 and 32 per liter respectively since January at wholesale level, although HUF 41 is probably due to the mandatory increase in excise duty in January. Excluding this, petrol prices have risen by HUF 21, while diesel is down by HUF 9. After a rise of around HUF 30-60 per liter, an average 50-liter tank of petrol costs HUF 1,800-3,000 more now than in December last year.
Via Holtankoljak.hu, Világgazdaság; Featured image: Facebook/OMV Filling Stations