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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