The fuel price in Hungary is expected to increase again from Tuesday after another rise in wholesale fuel costs, adding fresh pressure on motorists already facing elevated prices at the pump. The latest increase comes as global oil prices continue to climb and only weeks after Hungary adopted new legislation allowing the government to reintroduce fuel price caps in extraordinary circumstances.

While no new intervention has been announced, the legal framework is now in place should market conditions deteriorate significantly.

Fuel prices in Hungary to rise again

According to Hungarian fuel price portal Holtankoljak.hu, the wholesale price of 95-octane petrol will increase by HUF 8 (EUR 0.02) per litre, while diesel will become HUF 9 (EUR 0.02) per litre more expensive from Tuesday.

The increase will not necessarily appear immediately at filling stations, as retailers determine their own prices. However, motorists can generally expect the higher wholesale costs to be reflected in pump prices over the coming days.

On Monday, the national average retail prices stood at:

  • 95 petrol: HUF 595 (EUR 1.49) per litre
  • Diesel: HUF 615 (EUR 1.54) per litre

The latest increase follows another jump in international crude oil prices, which continue to influence fuel markets across Europe.

Could fuel price caps return?

The renewed rise in the fuel price in Hungary also raises the question of whether the government could once again intervene in the market.

In late June, the Hungarian Parliament approved a new law reforming the country’s fuel pricing rules. The legislation formally phases out the previous price-cap system introduced during the energy crisis, but it also allows the government to reintroduce temporary fuel price caps in extraordinary situations if market conditions or supply security require intervention.

At present, the government has not indicated that such measures are being considered.

Hungary previously capped fuel prices between November 2021 and December 2022, limiting the price of petrol and diesel to HUF 480 per litre. The measure was eventually abandoned after supply shortages emerged and several filling stations struggled to obtain enough fuel.

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Hungary’s strategic oil reserves have expanded

Despite the higher fuel prices, Hungary’s energy security has strengthened in recent years.

According to István Akkapitány, chairman of the Hungarian Hydrocarbon Stockpiling Association, the country’s strategic crude oil reserves are now sufficient for 87 days, almost double the 44-day level recorded in previous years.

The expanded reserves are intended to protect Hungary against potential supply disruptions rather than shield consumers from higher market prices.

What motorists can expect

For now, Hungarian drivers should prepare for another gradual increase at filling stations as wholesale prices feed through to retail prices.

Whether the fuel price in Hungary continues to rise will largely depend on developments in global oil markets. If international prices remain elevated or geopolitical tensions intensify, pressure on domestic fuel prices could continue, while the government retains the legal option of intervening again if an extraordinary situation arises.

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