Radical drop in fuel prices in Hungary: tomorrow, there will be another change

The momentum of last week is continuing and fuel prices in Hungary will fall this week, according to a recent data release by Holtankoljak.hu.

In recent weeks, we have witnessed an extraordinary drop in fuel prices in Hungary.

According to current information, petrol will cost HUF 5 less gross, while diesel will cost HUF 4 less gross. This means that vehicle owners can expect the following average prices from mid-week:

95 petrol: HUF 624 (EUR 1.6) per litre – at present: HUF 629 (EUR 1.62) per litre
diesel: HUF 612 (EUR 1.57) per litre – at present: HUF 616 (EUR 1.58) per litre

At the same time, typical retail prices are a few forints lower: petrol is now HUF 624-627 and diesel HUF 610-613. Thus, you can expect the most typical retail prices at petrol stations to be around HUF 620 (EUR 1.59) for petrol and HUF 608 (EUR 1.56) for diesel starting Wednesday.

In mid-April, the average price of 95-litre petrol was HUF 650 per litre and that of diesel was HUF 647. As can be seen, in just three weeks, the average price of petrol has fallen by HUF 26 a litre and diesel by HUF 35 a litre. However, even so far this year, from January to now, the wholesale price of petrol has risen by HUF 94 per litre and the price of diesel by HUF 46, but this includes HUF 41 due to the mandatory excise duty increase in January. This also means a net increase of HUF 53 for petrol and HUF 5 for diesel.

If we calculate that after an increase of around HUF 40-100 per liter, an average 50-liter tank of petrol costs HUF 2,000-5,000 (EUR 5.13-12.83) more now than last December.

Why are fuel prices falling in Hungary?

• Oil and the forint: Oil prices have fallen massively in recent days. Brent was at a high of USD 83 on Monday morning, down 5% in a week. The last time we saw such low levels was two months ago. In addition, the forint has also strengthened against the dollar, by almost HUF 5 weekly, and is now trading around HUF 361
• Government warning: The cabinet expects Hungarian fuel prices not to exceed the average prices in neighbouring countries. Read details here – Extreme fuel prices in Hungary: here is the government’s ‘ultimatum’

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