Fuel prices in Hungary expected to skyrocket in 2023
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Experts expect a significant rise concerning fuel prices in Hungary in the second half of 2023. As a result, we may have to pay more than HUF 800 (EUR 2) per litre for gasoline and diesel, an undisputable historic high.
The Hungarian motorists are in the hands of Beijing
Tamás Pletser, an oil and gas industry analyst of Erste Bank, told Világgazdaság that in the first half of 2023, fuel prices would be lower. The reason for the anticipated soaring fuel prices in the second half is China’s reopening. That is when experts think the outbreak of the COVID epidemic will end in the country.
As a result, the Asian giant will siphon off all available raw materials and energy, resulting in skyrocketing prices on the market. For example, a barrel of crude oil may cost more than USD 100 from this June-July, Mr Pletser said.
Furthermore, the EU sanctions on Russian oil products will also worsen the situation. That will be in effect from this February. Since Russia is the biggest oil product supplier of the continent, such sanctions will have considerable effect on Europe, including Hungary. Markets are already preparing for that problem and are making an effort to pile up enough reserves.
Pletser said that the National Bank of Hungary and the government are protecting the forint. Therefore, the national currency will not exceed the 400/EUR threshold again, he believes. As a result, the weak or strong dollar will not affect the Hungarian fuel market significantly, he cleared. However, now it seems that the Hungarian motorists “are in the hands of Beijing”.
