Skyrocketing fuel prices in Hungary: Among the most expensive in the region – again

Hungarian drivers have been hit with another wave of fuel price hikes as the new year begins. Both petrol and diesel prices have surged significantly, with 95-octane petrol reaching an average of HUF 631 (EUR 1.52) per litre and diesel climbing to HUF 651 (EUR 1.57). Compared to a year ago, these prices reflect a 12% and 9% increase, respectively, while even within the past week, prices have risen by over 2%.

According to 444.hu, the price surge is attributed to a combination of factors, including a sharp increase in excise taxes and the weakening of the Hungarian forint against the US dollar, which has reached a two-year low.

Regional comparison highlights the price disparity

A report by Holtankoljak.hu underscores Hungary’s prominent position in the region for high fuel costs. For diesel, Hungary is second only to Serbia in terms of expense. Regarding petrol, Hungary ranks third, trailing only Serbia and Slovakia, in a tight competition with Austria and Croatia. The dramatic rise in prices places Hungary among the most expensive countries for refuelling in Central Europe, a stark contrast to neighbouring countries where fuel prices remain comparatively lower.