Shocking fuel price increase in Hungary: will that continue?

Fuel prices went up this week in Hungary because of the strengthening USD and the weak forint. Therefore, motorists should prepare for further price increases.

According to portfolio.hu, gasoline and diesel prices increased significantly during this week. We have to pay HUF 610/l (EUR 1.59) for gasoline and HUF 600/l (EUR 1.56) for diesel. Eszter Bujdos, the CEO of holtankoljak.hu, said the difference between motorway fuel stations and other gas stations can reach HUF 50 per litre. She added that the reason for the price rise is the increasing Brent-type crude oil cost and the weak forint against the USD.

She added that we should not expect significant price increases in the short run. She believes we will not reach the 650/l level this summer. However, the autumn may bring bad news since diesel prices regularly start to increase when the leaves fall, Ottó Grád, Secretary General of Hungarian Petroleum Association, told ATV Híradó.

The price rise was significant during the last three months. On 10 May, gasoline cost HUF 555/l, while diesel was HUF 543/l. HERE is one factor behind the possible future price rises: tax increase.