Fuel prices in Hungary are set for a substantial increase from Wednesday, with the wholesale price of 95-octane petrol rising by a gross HUF 14, or approximately EUR 0.04, per litre.
The wholesale price of diesel will meanwhile increase by HUF 7, equivalent to roughly EUR 0.02 per litre, according to Hungarian fuel price monitoring website Holtankoljak.hu.
The website attributed the latest rise primarily to higher prices on the international oil market and continuing geopolitical tensions in the Middle East, which have pushed crude oil prices upwards in recent days.
Fuel prices are no longer protected by a cap
The increase comes only weeks after Hungary abolished its protected fuel price system. The former measure set protected price levels of HUF 595 (EUR 1.65) per litre for petrol and HUF 615 (EUR 1.71) for diesel.
The government withdrew the protection at the end of June after market prices remained below the specified limits for several days. As a result, fuel prices are once again free to adjust to wholesale costs and wider market developments. Details: Fuel price cap ends in Hungary as government lifts emergency measure
This means that changes in global oil prices and geopolitical risks can now be reflected more directly at Hungarian filling stations, without the previous protected price acting as a ceiling.
Petrol could move above HUF 600
On Tuesday, 14 July, the national average price of 95-octane petrol stood at HUF 587 (EUR 1.63) per litre, while diesel cost an average of HUF 608 (EUR 1.69).
Should filling stations pass on the full wholesale increase, the average petrol price could rise to around HUF 601 (EUR 1.67) per litre. Diesel could reach approximately HUF 615 (EUR 1.71), returning to the level of the former protected price.
However, wholesale and retail price changes are not necessarily identical. Individual filling stations remain free to determine their own prices, meaning motorists may encounter considerable differences depending on the operator and location.
The euro conversions are approximate and based on the Hungarian central bank’s official exchange rate of HUF 360.65 to the euro on 14 July.
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hehehehehehe
Ursula tells St. Peti to abolish the price caps, and he does. Because God forbid a government used its citizens’ tax money to make the lives of said citizens easier and more affordable. But sure, sure: It’s REALLY Trump’s (and Israel’s) fault.
And just you wait till he abolishes the subsidies on our gas and electric bills – also on order of the E.Yuck!
You voted for this, dumbasses. Now enjoy it!
Ha ha ha Stupid Steiner again.
It is the real fault of the United snakes of Ishrael yes, and the other idiot Trump who initiated this war.
Probably was promised to them 3000 years ago 😂😂
Since you are not Hungarian and you can not vote, why dont you spare us from your shitty opinion?
Ha ha ha Rádzs again.
It is the real fault of the EU is to block all Russian fuel.
Since you are an Hungarian and you can vote, why dont you spare us from your shitty opinion?
Loetje, why don’t you start learning English better than this shitty hard-to-understand few random words 😂😂😂
Did I step mistakenly on your tail? does it hurt?
Langsam sollten Sie den Mund halten und uns Ihr dummes Geschwätz ersparen.
It was always an absurd concept that the government should use taxpayer funds to cap the cost of fuel which moves in line with international markets. If motorists seek to avoid subjecting themselves to the vagaries of the oil markets they should buy an electric car which has never been cheaper while benefiting from extremely low running costs.
The fuel caps were encouraging consumption of a fast dwindling resource at the time of the Friendship pipeline shutdown. It also discourages Hungarians from upgrading from older, less fuel efficient cars that are much more polluting, the effects of which are particularly acute in the city.