Fuel prices soar uncontrollably in Hungary: how do our prices compare to those in the region?

Motorists in Hungary are facing sharply rising fuel prices as the crisis in the Middle East drives up oil prices and disrupts supply chains. Analysts warn that in extreme scenarios, petrol could hit HUF 700 per litre. (EUR 1 = HUF 388)

Domestic fuel prices surge

Following the outbreak of conflict in Iran, crude oil prices spiked, and the Hungarian forint weakened against major currencies as investors sought safety in the US dollar. The impact was felt immediately at Hungarian fuel stations: since Monday, petrol has risen by HUF 12 per litre, while diesel has jumped HUF 29.

According to Portfolio’s report, the rise in diesel prices is particularly acute. Supply disruptions at Persian Gulf refineries have restricted exports, with Saudi Aramco halting operations at its Ras Tanura complex after a drone strike. This refinery, which primarily processes diesel with a daily capacity of 550,000 barrels, is a key export hub for Saudi crude. Meanwhile, Iraqi production could drop by over three million barrels per day if tankers continue to face obstacles in the Strait of Hormuz, and output may have also been affected at Rumaila, the world’s second-largest oil field.

Stay up-to-date on the Iran conflict: latest updates, background and Hungary-related developments.

European and regional comparisons

The effects of the Middle East conflict are not limited to Hungary. Recent European Commission data show fuel prices across Europe have risen since 23 February. Finland saw the largest week-on-week increases, with petrol up HUF 83 and diesel up HUF 82 per litre. Germany, Belgium, and France also experienced significant jumps.

In Hungary’s immediate neighbourhood, only Romania saw a notable petrol price rise (+HUF 10) on Monday, with diesel increases observed in Romania, Croatia, and Austria. In Austria, long queues have formed as motorists rushed to fill up before further price hikes.