Fuel price record high in Hungary while forint strengthens

Good Friday saw a record-high fuel price in Hungary, while the forint started to strengthen, which is good news for the Hungarian economy.

Fuel prices record high in Hungary

According to 444.hu, the average price rise of gasoline was HUF 28 just in March. Fuel has never been this expensive in 2024. Based on holtankoljak.hu, the average gasoline price in Hungary rose to HUF 641 today (EUR 1.63) per litre, while that number is HUF 645 (EUR 1.64) in the case of diesel. The former’s price rose by HUF 3.

In March, we paid HUF 28 more for gasoline, a 4.57% surge in just one month. Gasoline cost “only” HUF 570 at the beginning of this year. In January, that went below HUF 562. That means gasoline prices increased by 12.5% in just three months in Hungary.

Gasoline was this expensive last September when its average price per litre was HUF 647. Not considering the era of fuel price caps, which distorted free competition and increased fuel prices for cars not having a Hungarian licence plate, gasoline was the most expensive last September with HUF 662/litre.

In the case of diesel, the price rise is more moderate. Compared to the 1 January price, it is “only” 8.8% higher. In March, its price stagnated around HUF 641 and 648 (~ EUR 1.65).

Hungarian fuel prices are not competitive in Central Europe

Fuel prices regularly increase before the summer season in Hungary. Diesel tends to be more expensive than gasoline in Hungary. The last time the two products were this close to each other was last August.

Of course, the prices above are average costs. For example, holtankoljak.hu found cheaper products in Érd and Csepel (Budapest’s 21st district), where you can buy fuel for less than HUF 610. Moreover, Auchan’s fuel station network offers gasoline for HUF 617. However, those products might not contain that many additives.

In the region, fuel prices are much lower. For example, in Romania, you can fill your tank with gasoline for only HUF 570/litre. In Poland, the price is below HUF 600, and the Croatian (HUF 612) and Serbian (HUF 630) are also much below the Hungarian level.

Márton Nagy, Hungary’s economy minister, met with the leaders of MOL and the Hungarian Petroleum Association in February and asked them to ensure fuel supply for a competitive price.

Good Friday for the forint

Meanwhile, Good Friday brought favourable news for the Hungarian forint. According to portfolio.hu, its exchange rate is approaching the 390/EUR level. Currently, it stands at 393.82/EUR. The Hungarian forint also strengthened against the USD and is now standing at 365.05.

Read also:

• Hungarian one-day motorway vignette’s official date and price out, details in THIS article
• One of the region’s most expensive fuel prices is in Hungary, rising again on Wednesday – Read more

Featured image: depositphotos.com