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.

How expensive is fuel in Hungary?

Comparing prices with neighbouring countries offers the clearest perspective. Hungarian authorities have long insisted that domestic fuel prices should not exceed regional averages, with government intervention threatened if they do, a stance recently reinforced by Prime Minister Orbán Viktor and Minister Gergely Gulyás.

As of Monday, Hungary remains below the regional average: petrol is HUF 9 cheaper per litre, while diesel is HUF 6 below the average.

Weakening forint amplifies fuel prices

The weakening forint compounds the problem. Since the outbreak of the conflict, the forint has lost roughly 5% against the US dollar, making imported crude more expensive for Hungarian consumers.

• Forint plunges with little hope of reversal

What experts expect

Eszter Bujdos, a fuel market analyst at Holtankoljak.hu, estimates that the oil price surge alone could add around HUF 30 per litre to petrol costs, excluding currency effects and logistical expenses. In extreme scenarios, factoring in additional costs from detours around the Strait of Hormuz, petrol prices could rise by HUF 70–80 per litre, potentially reaching HUF 700.

Regional price snapshot (as of 5 March)

• Romania: Petrol HUF 621, diesel HUF 638
• Croatia: Petrol HUF 573, diesel HUF 577
• Slovenia: Petrol HUF 554, diesel HUF 566
• Slovakia: Petrol HUF 586, diesel HUF 583
• Serbia: Petrol HUF 589, diesel HUF 651
• Austria: Petrol HUF 628, diesel HUF 661

In spite of the rising prices, Hungarian fuel remains relatively competitive in the region. However, due to the ongoing Middle East tensions and currency fluctuations, further price increases are likely in the coming days.