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Unprecedented Price Cuts for Petrol and Diesel from Friday

Hungary Today 2024.05.09.

The government has reviewed the situation on fuel prices and acknowledged that traders have indeed aligned the prices of petrol and diesel to the regional average, reports Magyar Nemzet. In addition, it was also announced that the drop in fuel prices will continue from Friday.

“Two weeks ago, we asked traders to align their prices with those in the region. They have done so, and this morning, there were also indications that the price of petrol and diesel will continue to fall. (…) At the same time, the government accepted the request to only use prices in neighboring countries as a benchmark, rather than the region. Poland, the Czech Republic, and Bulgaria are thus excluded from the reference value,” stressed Economy Minister Márton Nagy.

Minister Márton Nagy. Photo via MTI/Balogh Zoltán

The politician also noted that the government concluded that the current reductions had reached the average for neighboring countries. “It is important to keep prices here and we continue to expect traders to do so,” he said.

Nagy emphasized that from now on,

the government will review the situation every two weeks.

He underlined that traders can absorb the cuts in their profits and not face losses. War prices must be brought down and families must be protected, he added.

Fuel prices in Hungary have been falling for weeks, and now dealers have announced another price cut, as a recent report by Holtankoljak.hu shows. According to the fuel price monitoring blog, prices will fall further from Friday, and at a higher rate than before, Világgazdaság writes.

The wholesale price of petrol will cost HUF 8 (1 EUR = 388.7 HUF) less gross, while gas stations will pay HUF 5 less gross for diesel.

If the announced wholesale changes are applied at the pumps, vehicle owners can expect the following average prices in the second half of the week:

  • 95 petrol: HUF 616 (EUR 1.58) per liter
  • diesel: HUF 607 (EUR 1.56) per liter.

The current figures are HUF 624 and 612 per liter, and are expected to remain so until midnight on Thursday. It is important to stress that these are average prices, and that the typical retail price may differ by a few forints. Petrol is in the range of HUF 623-625 and diesel in the range of HUF 608-611. It is true that on motorways there is a HUF 50 per liter surcharge.

Fuel prices in Hungary and the average of the countries in the region (January 2023 – April 2024). Graph via MTI. 


Based on data from price monitoring portal Holtankoljak.hu, prices are lower in Ukraine (petrol: EUR 1.373; diesel: EUR 1.35), Romania (EUR 1.488; EUR 1.486), and Slovenia (EUR 1.56; EUR 1.527). However, they are higher in Croatia (EUR 1.622; EUR 1.605), Austria (EUR 1.66; EUR 1.622), Serbia (EUR 1.69; EUR 1.758), and Slovakia (EUR 1.694; EUR 1.57). Thus, Hungary is in fact in the middle of the regional average.

Government Acknowledges Voluntary Fuel Price Reduction
Government Acknowledges Voluntary Fuel Price Reduction

To achieve this, the government urged fuel distributors last week to voluntarily decrease their prices.Continue reading

Via Magyar Nemzet, Világgazdaság; Featured image via Facebook/Orlen

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