Good news: Fuel prices in Hungary could slip below psychological threshold

The Hungarian fuel market seems to be recovering recently. We are getting closer and closer to the average price of petrol and diesel reaching below HUF 600 (EUR 1.56). Among other things, the secretary general of the Hungarian Petroleum Association talked about this to the Hungarian news portal Index.

The fuel market is experiencing a turnaround

Ottó Grád, secretary general of the Hungarian Petroleum Association, told Index that the Hungarian fuel market is undergoing a turnaround at the moment. Mr Grád said that based on recently published data, fuel consumption in Hungary has decreased by 10 percent. According to him, this is a significant decrease overall; however, it is important to look at the context of this data.

This figure compares the change with the previous year. So, in addition to the decline in sales, it is worth pointing out that the baseline was also extremely high, with retail sales in January 2022 and the first half of the year as a whole being exceptionally high.

The secretary general currently sees that after the abolition of the official price, imports have started to revert to the previous period. He believes that in the near future, prices will be increasingly determined by normal market developments. These developments include the changes in the oil and forint exchange rates, and the European product subscription may also have some impact on the Hungarian market.