fuel

Orbán cabinet says fuel prices in Hungary are high due to the Biden administration and Ukraine

Fuel prices in Hungary

The National Economy Ministry said the Ukrainian threat to crude supply along with U.S. sanctions was lifting vehicle fuel prices in a statement issued on Saturday.

The ministry pointed to the impact of U.S. sanctions targeting a “shadow fleet” exporting Russian crude as well restrictions on Serbian oil company NIS. It also noted the shutdown of the Druzhba pipeline at the start of January as a result of the Russia-Ukraine war.

The ministry stressed that the government would do everything in its power in the interest of families and businesses to ensure security of supply as well as stable vehicle fuel prices. The government aim remains to guarantee that prices at the pump in Hungary remain under the average in neighbouring countries, it added.

Fuel prices in Hungary
Illustration. Photo: depositphotos.com

The average price of petrol in neighbouring countries stood at the equivalent of HUF 637/litre during the reference period, HUF 1 over the price in Hungary, while the price of diesel averaged HUF 654/litre, HUF 1 under the price at the pump in Hungary, the ministry said.

The data show prices at the pump in Hungary are in line with the average price in neighbouring countries, it added. The government is prepared to intervene if prices in Hungary exceed the average in neighbouring countries, the ministry said.

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Skyrocketing fuel prices in Hungary: Among the most expensive in the region – again

fuel petrol diesel expensive

Hungarian drivers have been hit with another wave of fuel price hikes as the new year begins. Both petrol and diesel prices have surged significantly, with 95-octane petrol reaching an average of HUF 631 (EUR 1.52) per litre and diesel climbing to HUF 651 (EUR 1.57). Compared to a year ago, these prices reflect a 12% and 9% increase, respectively, while even within the past week, prices have risen by over 2%.

According to 444.hu, the price surge is attributed to a combination of factors, including a sharp increase in excise taxes and the weakening of the Hungarian forint against the US dollar, which has reached a two-year low.

Regional comparison highlights the price disparity

A report by Holtankoljak.hu underscores Hungary’s prominent position in the region for high fuel costs. For diesel, Hungary is second only to Serbia in terms of expense. Regarding petrol, Hungary ranks third, trailing only Serbia and Slovakia, in a tight competition with Austria and Croatia. The dramatic rise in prices places Hungary among the most expensive countries for refuelling in Central Europe, a stark contrast to neighbouring countries where fuel prices remain comparatively lower.

A lack of updated official data

444.hu’s fuel price comparisons rely on data from Holtankoljak.hu due to the absence of fresh updates from Hungary’s Central Statistical Office (KSH). Its experimental fuel price comparison project, launched last spring, has not been updated since April 2024. With fuel costs straining household budgets and business operations, Hungary’s drivers face the unfortunate reality of some of the highest prices in the region—a situation exacerbated by economic challenges and government policies.

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Featured image: depositphotos.com

Fuel prices increase in Hungary again, ministry remains calm

Prices at the pump in Hungary were competitive compared to those in neighbouring countries in the month of December, data compiled from the EU weekly Oil Bulletin by the Central Statistics Office (KSH) show, the National Economy Ministry said on Friday.

The price of petrol in Hungary averaged HUF 617/litre during the month, level with the average in neighbouring countries.

The average price of diesel was HUF 633/litre, HUF 3 under the average in neighbouring countries.

According to Menedzsment Fórum, Saturday will bring another round of price increases. From tomorrow, the average petrol price will be above HUF 627/l, while the average diesel price will stand at HUF 646/l.

Fuel Gas Station Petrol Diesel
Illustration: Unsplash / Erik Mclean

Hungary’s government earlier said it would intervene if motor fuel prices exceeded the average in neighbouring countries, MTI wrote.

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  • Overtaxation? Fuel prices set to rise in Hungary as excise tax hike takes effect 1 January

Overtaxation? Fuel prices set to rise in Hungary as excise tax hike takes effect 1 January

MOL fuel station lukoil

Starting 1 January, Hungarians can expect an increase in wholesale fuel prices due to a higher excise tax on gasoline and diesel. According to fuel industry expert Eszter Bujdos, this tax hike will likely be reflected in consumer prices in phases, further burdening drivers across the country. She also criticised the government for overtaxing beyond EU requirements, which could exacerbate the situation.

Tax hike details and price implications

The excise tax on wholesale fuel prices will increase by HUF 6.25 per litre for gasoline and HUF 5.86 per litre for diesel. Including VAT, this translates to an HUF 8 rise for gasoline and HUF 7.4 for diesel. With these adjustments, average prices as of 31 December 2024 stand at:

  • 95-octane gasoline: HUF 617/litre (EUR 1.50)
  • Diesel: HUF 637/litre (EUR 1.55)

The exact method and timing of passing on these costs to consumers remain unclear, Index writes. However, Bujdos, managing director of holtankoljak.hu, noted that rising operational expenses—such as the minimum wage increase—are adding further pressure on gas stations.

Currency fluctuations and geopolitical risks

Bujdos pointed out that Hungary’s weakening currency against the dollar is another significant concern, as it could further inflate fuel prices. While geopolitical events like the Russia-Ukraine conflict or tensions in the Middle East may cause short-term volatility, the long-term impact on global oil prices depends on the production decisions of OPEC countries.

Government oversteps EU tax expectations

The government has justified the excise tax hike as a response to EU regulations, which mandate a minimum excise duty for member states. However, Hungary’s tax rates surpass these requirements. Based on a euro exchange rate of HUF 411, the excise tax exceeds EU minimums by HUF 14 per litre for gasoline and HUF 17 for diesel.

“The EU doesn’t demand such a high tax burden as the Hungarian government is imposing,” Bujdos emphasised, calling the policy an example of overtaxation.

Hungary in regional comparison

Fuel prices in Hungary sit in the middle range compared to neighbouring countries. According to data from the Hungarian Central Statistical Office (KSH), Poland, the Czech Republic, Romania, and Bulgaria offer cheaper fuel, while Austria, Croatia, Slovakia, and Serbia are more expensive.

Looking ahead: Higher fuel prices in 2025?

Bujdos predicts that the average price for gasoline could reach HUF 630–640 (EUR 1.60) per litre in 2025, driven by a combination of currency devaluation and global oil price trends. She estimates that Brent crude oil prices will hover around USD 75 per barrel, while domestic fuel prices will continue to depend heavily on the forint’s exchange rate.

“The forecasts for the forint are not promising, so drivers should brace for further price increases in the coming year,” she concluded.

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Key changes in Hungary from January 2025 – What you need to know

budapest city landscape hungary news key changes 2025

As the new year begins, Hungarians are bracing for a mix of financial challenges and opportunities that will shape their daily lives in 2025. While rising costs in various sectors are expected, significant wage increases, pension adjustments, and enhanced family support programs aim to offset the financial burden for many households. Here is a detailed look at the key changes taking effect on 1 January 2025.

Rising costs across sectors

Fuel prices are set to increase due to higher excise taxes. Petrol will see a rise of HUF 10 per litre, while diesel will climb by HUF 11 per litre. Although the increments are modest, they could add up for frequent drivers and logistics companies, potentially impacting the broader economy, Világgazdaság reports.

OTP Bank fee increase
Source: Facebook / OTP Bank

The banking sector is also introducing higher costs for its services. Following the end of a temporary freeze on transaction taxes in 2024, fees for transfers and direct debits will rise. Major financial institutions like OTP Bank and MBH Bank have already announced adjustments to their pricing structures. These changes are expected to affect households and businesses alike, with increased banking fees adding to monthly expenses.

Highway tolls will also become more expensive, with a 3.4% increase coming into effect. The prices for weekly, annual, and county-specific passes are all set to rise, impacting commuters and frequent travellers. For example, national yearly vignettes for cars will now cost HUF 49,190 (EUR 120), while a weekly pass will be priced at HUF 6,450 (EUR 16).

Smokers will face further financial strain as excise taxes on tobacco products are scheduled to climb by 9.5%. This continues a broader trend of rising cigarette prices aimed at reducing tobacco consumption and aligning with EU regulations.

Wage increases bring relief

Amidst rising costs, many workers can look forward to higher wages. The minimum wage will increase by 9%, reaching a gross HUF 290,800 (EUR 707), while the guaranteed minimum wage for skilled workers will rise by 7% to HUF 348,800 (EUR 878). These changes are expected to benefit hundreds of thousands of employees across various sectors.

Public sector workers will see even more substantial raises. Teachers, who have long advocated for better pay, will receive a 21.2% increase, bringing their average gross salary to HUF 844,000 (EUR 2,050). Water management workers and judicial employees are also set to benefit, with pay hikes of up to 30% and 15%, respectively. These adjustments aim to improve job satisfaction and retention in essential services.

Support for pensioners

retirement age pension hungary pensioners
Photo: depositphotos.com

Pensioners will receive a 3.2% increase in their monthly payments, in line with the government’s inflation forecast. This adjustment will add approximately HUF 7,400 (EUR 18) to the average pension, bringing it to nearly HUF 240,000 (EUR 583). For many elderly citizens, this boost will provide some relief amidst rising living costs.

Enhanced family support programmes

Families will also benefit from expanded support programmes aimed at easing financial pressures. While specific details have yet to be announced, the government has indicated that family-focused initiatives will play a key role in its 2025 budget priorities.

A mixed outlook for 2025

As 2025 unfolds, Hungarian households will face both challenges and opportunities. Rising costs in fuel, banking services, tolls, and tobacco will likely strain budgets, but wage increases, pension adjustments, and family support programs may offer a counterbalance. While these measures may not entirely offset the financial burdens for all citizens, they reflect a concerted effort to address economic pressures and improve the quality of life for many.

Whether these changes succeed in striking the right balance remains to be seen, but they underscore the evolving economic landscape that Hungarians must navigate in the year ahead.

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Featured image: depositphotos.com

Fuel prices in Hungary set to soar as government plans new tax hike on gas stations

mol petrol station hungary fuel prices diesel KazMunayGas

The government is planning a tax increase that could soon drive up fuel prices significantly in Hungary, warns the Association of Independent Gas Stations. According to the association, fuel is already “heavily taxed,” and they strongly condemn this retroactive taxation policy, which they argue unfairly burdens citizens and puts smaller gas stations in a challenging position.

Fuel prices to increase significantly

The association raised concerns over proposed changes to the energy efficiency law, which would require gas stations to pay considerably higher taxes on their 2023 sales under the Energy Efficiency Obligation System (Energiahatékonysági Kötelezettségi Rendszer), ATV reports.

MOL petrol station
Photo: MOL

“In Hungary, it’s local consumers and citizens who will bear the cost, rather than large energy users alone. This method of taxation is extremely unfair,” said Gábor Egri, president of the Association of Independent Gas Stations (Független Benzinkutak Szövetsége). “For gas stations, the 2025 declaration for our 2023 energy use already shows a steep increase, with tax set at HUF 17 per litre, which equals HUF 50,000 (EUR 124) per gigajoule. By 2027, this will rise to HUF 32 per litre,” Egri explained, adding that this burden has already impacted consumers’ wallets, and the planned increase could push fuel prices even higher.

A tax expert interviewed by ATV News noted that retroactive taxation, especially applying to obligations from 2023, is quite unusual. “The government technically has the authority to introduce any new tax or levy, but professionals and the association don’t see this as fair. Fuel price comparisons globally and across Europe don’t factor in this tax, which can make it misleading since, as you mentioned, the added tax content per litre will now be about HUF 17-18,” said Gábor Csongár, a tax specialist.

The expert also pointed out that the government’s tight budget is evident, further illustrated by its failure to adjust the income tax exemption threshold, despite public expectations for an increase.

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Good news for drivers concerning Hungarian fuel prices

Fuel prices in Hungary were under the average in neighbouring countries in the month of September, data compiled from the EU Weekly Oil Bulletin by the Central Statistics Office (KSH) show, the National Economy Ministry said on Friday.

The price of petrol in Hungary averaged 585/litre (EUR 1.5) during the month, HUF 2 under the average in neighbouring countries. The price of diesel stood at HUF 592/litre, HUF 1 under the average in neighbouring countries.

Hungary’s government earlier said it would intervene if motor fuel prices exceeded the average in neighbouring countries.

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Positive prospects: Price of petrol could drop as low as HUF 500, Hungarian central bank says

mol petrol station hungary fuel prices diesel KazMunayGas

According to the latest inflation report from the Hungarian National Bank (Magyar Nemzeti Bank, MNB), which aligns with analyst forecasts, lower oil prices are expected next year. As a result, petrol prices could temporarily approach the psychological threshold of HUF 500 (EUR 1.25) per litre. However, a less optimistic forecast is that natural gas prices are expected to rise.

The MNB’s quarterly inflation reports serve as a useful guide for energy prices and anticipated inflation trends, Mfor reports. The good news is that the central bank believes the alarming inflation rate, which had been nearly 20% annually, is behind us. In fact, consumer price growth could be even lower next year compared to this year’s more moderate figures. Current projections estimate inflation to be between 3.5% and 3.9% in 2024, 2.7% to 3.6% in 2025, and 2.5% to 3.5% in 2026 on an annual basis.

Petrol prices could fall

mol petrol station hungary
A positive outlook on the price of petrol in Hungary. Photo: Alpár Kató/Daily News Hungary

The MNB’s analysis suggests that their earlier assumptions about world oil prices, expressed in dollars, have been adjusted downward from their June estimates. The Brent crude price fluctuated around USD 80 per barrel in August, but by early September, it dropped to around USD 70. The increased volatility in global oil prices over the past few months has introduced uncertainty into the bank’s fuel price forecasts.

If the decline in oil prices continues next year, it will likely be reflected in the prices of refined products, including fuel. However, the key question is whether tax regulations will change, as adjustments to these rules could complicate price expectations, particularly given the current budgetary issues, Mfor writes. The exchange rate of the forint also has an impact on petrol prices. If neither of these factors leads to significant price increases, a Brent price falling below USD 65 could see petrol prices approaching the psychologically important HUF 500 per litre mark at domestic stations.

Natural gas prices expected to rise

gas heating season energy
Illustration. Photo: Facebook/Energiaügyi Minisztérium

On the other hand, the report warns of rising natural gas prices due to the ongoing Russia-Ukraine war. The current world market price is around EUR 30 to 40 per megawatt-hour, with an average price of EUR 33.4 expected this year. However, according to the MNB’s evaluation, this price could increase by more than EUR 5 next year. Although this price change won’t significantly affect inflation, there could be substantial price hikes if the government imposes new taxes on gas. While this scenario is possible, it is not certain, Mfor reports.

MNB deputy governor addresses Silk Road Fund conference in Beijing

MNB Deputy-Governor Csaba Kandrács addressed an international conference in Beijing organised to mark the tenth anniversary of the establishment of the Silk Road Fund on 29 September, the central bank said on Wednesday.

Kandrács pointed to the need for a balanced global financial network that could support sustainability in his remarks. He said the NBH was “at the forefront” in terms of green finance, being the first bank in Europe to get a green mandate while launching a number of green programmes and supporting cooperation among international green initiatives.

Kandrács and his delegation from the NBH held talks with Xuan Changneng, the deputy governor in charge of international relations at China’s central bank, on the sidelines of the conference.

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According to the ministry, the Hungarian fuel prices are favourable

Petrol prices at the pump in Hungary were under the average in neighbouring countries in the month of August, data compiled from the EU Weekly Oil Bulletin by the Central Statistics Office (KSH) and published on Friday show, the National Economy Ministry said in a statement.

The price of petrol in Hungary averaged 605/litre during the month, HUF 7 under the average in neighbouring countries. The price of diesel stood at HUF 611/litre, level with the average in neighbouring countries.

The price of petrol was lower in August compared to July by HUF 7/litre and diesel prices fell HUF 10/litre. Hungary’s government earlier said it would intervene if motor fuel prices exceeded the average in neighbouring countries.

The National Economy Ministry reiterated it was now tracking monthly, rather than weekly, fuel price levels, in line with a recommendation by the Hungarian Petroleum Association (MASZ) and the Independent Petrol Stations Association.

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Featured image: depositphotos.com

Hungarian minister very happy because of oil supply talks

Hungary’s talks aimed at ensuring long-term crude oil supplies for the country “are nearing their final stage”, the foreign minister said on Wednesday, but added that “the European Commission has done nothing against Ukrainian measures jeopardising the energy security of Hungary and Slovakia.”

The foreign ministry quoted Péter Szijjártó as saying on the sidelines of a government meeting that “Hungary’s energy supplies are secure despite the challenges you are familiar with” referring to deepening conflicts in the world.

“Regrettably, the European Commission continues in an unacceptable behaviour concerning Ukraine’s practically banning Russian company Lukoil’s shipments to Hungary and Slovakia,” Szijjártó said. The commission should take action since Ukraine’s move “seriously impacts Hungary’s oil supplies,” he said, and noted the association agreement between the European Union and Ukraine, under which the latter party “must not hinder the transit of energy to EU members”. “Despite Ukraine’s violating the association agreement … it is clear that we cannot rely on support from the EC,” Szijjártó said, adding that the Hungarian government was conducting negotiations “full steam” to ensure balanced supplies in the long run.

Concerning gas supplies to Hungary, Szijjártó said they were uninterrupted and unaffected by an escalation of fighting between Russia and Ukraine, adding that supplies were received via the TurkStream pipeline, through Turkiye, Bulgaria and Serbia.

The supply of nuclear fuel is similarly uninterrupted, and sufficient for the long-term operations of the Paks nuclear plant, the minister said.

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Hungary slams Ukraine for Lukoil ban only because Russia asked them to?

peace mission lavrov hungary

A Hungarian news outlet wrote that Hungary’s criticism concerning Ukraine’s “Russian Lukoil oil ban” began after FM Szijjártó met FM Lavrov in New York. Now, the Hungarian government communicates that Zelensky’s ban endangers Hungary’s and Slovakia’s oil supply, resulting in possible energy and fuel disruptions. Ukraine claims they let Russian oil through, but Russia halted part of the exports.

Does Russia not give enough oil to Hungary and Slovakia?

According to Válasz Online, the Hungarian government started slamming Ukraine for banning Russian Lukoil’s oil after FM Szijjártó met FM Lavrov in New York in mid-July. Zelensky signed the relevant decree on 26 June, but Hungary remained silent for weeks even though PM Orbán met Zelensky in early July.

peace mission lavrov hungary lukoil
Lavrov and Szijjártó in New York this July. Source: Péter Szijjártó/Facebook

Szijjártó Lavrov Lukoil
…  and in March. Photo: FM Szijjártó/FB

The Hungarian news outlet received an English language background paper about the situation from a source close to the Ukrainian government, acknowledging that the amount of oil transported through Ukraine decreased. But that is because the Russians decided to decrease it.

Litasco, Lukoil’s oil trade subsidiary, renounced the July oil amount, 260 thousand tonnes for Slovakia and 105 thousand tonnes for Hungary.

As a result, both the critical Hungarian government and Ukraine are right. There was a fall in the amount delivered. But Ukraine would have let through even Lukoil’s oil provided it was not labelled Lukoil or Litasco, portfolio.hu wrote.

It would be easy to overcome the difficulties with Lukoil

It would be easy to evade the sanction if Hungary and Slovakia (or the MOL processing the crude) could insert another oil trading company in the chain. There are many such firms. As a start, Válasz Online listed three: Tatneft-Europe AG, Normeston Trading SA, and Blackford Corporation Ltd.

Russian oil transport ban lukoil
Photo: depositphotos.com

However, for some reason, the governments in Budapest and Bratislava are interested in maintaining the political conflict instead of solving it. The two governments turned to the European Commission, but they are on the side of Ukraine, saying the ban does not endanger supply. FM Szijjártó said they could redirect Russian oil transports to the Adriatic pipeline, but Croatia was not reliable in terms of oil transit because Zagreb raised the oil transit fee to five times the average market price.

Is fuel shortage on the horizon?

Hungarian MOL did not communicate about the issue. Válasz Online learned from non-MOL sources that only FM Szijjártó can talk to the press about the issue. MOL CEO Hernádi said at the MCC Feszt that there would not be a fuel shortage even if no Russian oil came. But he did not say there was a chance for a complete Russian oil delivery stoppage. Hernádi also criticised the Hungarian government for the suspension of industrial investments, regulation uncertainties and excess profit taxes.

MOL fuel station lukoil
Photo: FB

Válasz Online believes that what we see is a power game between the countries before the 2025 expiration of the Ukrainian-Russian gas transit contract. Another explanation is that the Russians made clear to the EU that they have allies in the region.

At least two “simple” solutions

There are multiple simple solutions, as G7 noticed. One is that the Russians sell their oil at the Russian-Ukrainian border to MOL or another trading company. Another is that the oil comes through Croatia, but the latter would mean Ukraine loses lots of money. The Adriatic pipeline can satisfy the needs of Slovakia and Hungary, G7 wrote.

Hungarian foreign minister in talks with EC Vice-President on situation after oil ban

Péter Szijjártó, the minister of foreign affairs and trade, has talked to European Commission Vice-President Valdis Dombrovskis on Friday, to discuss the situation in the wake of Ukraine’s decision to “introduce an oil blocade without previous announcement”, MTI wrote.

Szijjártó said on Facebook that “it became clear during the talks that we see the nature and consequences of the Ukrainian decision differently.”

Hungary’s stance is clear, Szijjártó said: Hungary thinks that the EC should “not allow a membership candidate to play games with two member states and to put the safety of their energy supply at risk.”

The decision is endangering one third of Hungary’s oil imports fom the east. In Slovakia’s case, that proportions is almost 45 percent, Szijjártó said.

“We also see the step as a breach of the EU-Ukraine Association Agreement,” he said.

Szijjártó also briefed Dombrovskis on Hungary’s stance that Croatia was not a reliable transit country, as it steeply raised transit fees after the war started. Croatia had also failed to agree to Hungary securing capacities for the long term, and the actual capacity of its pipeline remained unclear, he said.

Therefore, Ukraine’s decision to curb transit may make Hungary and Slovakia “vulnerable to various business and political interests”, he said. “We expect the EC to stand up for the interests of Hungary and Slovakia,” he said.

“We have sent the Commission the detailed information requested, and agreed with the Vice-President to remain in constant contact to facilitate a speedy and satisfactory solution,” he said.

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Drastic fuel price decrease on the horizon in Hungary?

OMV fuel station

Márton Nagy, the national economy minister, on Monday met representatives of fuel distributors to discuss high fuel prices in Hungary and to review international developments and economic trends that have an impact on fuel distribution and prices, his ministry said.

Nagy held talks with representatives of the Hungarian Petroleum Association (MÁSZ), including those from oil and gas company MOL, and from the Independent Petrol Stations Association (FBSZ).

According to the ministry’s statement, Nagy noted that the average per-litre price of petrol is 618 forints (EUR 1.57), while a litre of diesel costs 631 forints. Citing data from the Central Statistical Office released last week, Nagy pointed out that the per-litre price of petrol averages 610 forints in neighbouring countries, while the price of diesel stands at 616 forints.

FBSZ and MÁSZ both proposed using monthly, rather than weekly, statistics for motor fuel price comparisons because of deviations due to factors peculiar to markets in neighbouring countries; which the minister said was worth considering.

Nagy added, at the same time, that the government’s expectation that fuel prices be kept below the average of neighbouring countries was unchanged, urging immediate steps from distributors. He said the government was prepared to intervene on the motor fuel market if prices did not fall.

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Over 100 new electric vehicle chargers to be installed nationwide

Over 100 new electric vehicles chargers to be installed nationwide

The government is planning to add over 100 new electric vehicle chargers to Hungary’s public network serving electric cars across the country, the economy ministry said on Tuesday.

According to a ministry statement, the new charging points will be financed from 28 billion forints (EUR 71m) of REPowerEU funding.

The programme to be launched in August invites businesses with a licence to operate electric chargers to build at least one charger in areas lacking such facilities, the statement said.

Bidders will be awarded with preferential loans between 100 million and 6 billion forints each, and expected to come up with a co-payment of at least 10 percent of the project, the statement said. Large companies may receive a grant to cover 35 percent of the total cost, while medium-size companies could benefit from a grant to cover 55 percent. SMEs could be awarded grants to cover 65 percent of the cost of their project, the statement said.

Bidders will be eligible for a grant if the chargers are planned for a “preferred region” or if they are designed to include an energy storage facility or equipped with a renewable energy generator, or connected to the TEN-T network making it suitable to charge heavy vehicles, the statement said.

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Gloomy outlook: Weakening forint, rising fuel prices in Hungary

petrol station fuel money

This morning, fuel prices changed again, with petrol becoming HUF 2 more expensive, while diesel increased by a more significant HUF 8. Unusually, there will also be an increase on Tuesday, with petrol rising by HUF 3 and diesel by HUF 7. The increase in fuel prices is not surprising: in addition to the weakening of the forint, domestic prices are now reflecting the earlier European price rises.

Increase in fuel prices

We have seen a steady upward trend in fuel prices over the last period. At the beginning of the week, on Monday and Tuesday, according to holtankoljak.hu, the price of petrol and diesel will continue to rise.

Earlier, according to information obtained by Index, the MOL Group sent a letter to petrol stations saying that in the future, the price of fuel may change several times a week instead of twice a week.

Tamás Pletser, oil and gas analyst at Erste Bank, told Index that the market saw a significant drop in diesel prices around April, as many in the European market feared an economic downturn. However, in the last two weeks, diesel margins in Europe have recovered and are now close to USD 22 in the European market, while the gasoline margin is around USD 17.

Weaker forint, more expensive diesel

Ottó Grád, Secretary General of the Hungarian Petroleum Association, stressed that there has been a significant turnaround in the European market in the past two weeks, as diesel prices have increased by 7%. This is also clearly visible in domestic diesel prices, in addition to the impact of the weak forint.

The Hungarian currency weakened significantly last week, from 390 to close to 399 against the euro and from 362 to 374 against the dollar.

According to Grád, the summer season traditionally sees an increase in petrol sales and he believes that repricing has come to an end. Thus, beyond one or two corrections, no more drastic increases can be expected in the near future.

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Featured image: depositphotos.com

One of the largest petrol station networks in Hungary to undergo complete overhaul

OMV new Filling Station petrol station

OMV petrol stations are undergoing a complete overhaul in a number of countries, including Hungary. The process of rebranding will take place in around 1000 service stations in 7 countries over the next 3 years. In addition to the design, OMV is also rebranding itself, with a greater focus on sustainable energy and lifestyle.

OMV petrol stations to transform

OMV new Filling Station petrol station
Photo: OMV

Over the next three years, OMV will introduce its new branding in seven countries, including Hungary, Austria, Romania, Slovakia, the Czech Republic, Bulgaria and Serbia, Portfolio reports.

The brand and design will be completely renewed at all OMV touchpoints, both in B2B (business-to-business) and consumer communication. The new design will be gradually introduced at around 1000 OMV service stations. The new brand identity will also be reflected in the eMotion electric charging network.

OMV_EV_CHARGER
eMotion electric charger. Photo: OMV

New branding to appear at Hungarian petrol stations soon

The website new.omv.com is the first of the digital touchpoints to present details of the new identity and brand strategy. In Hungary, the new branding will appear in communications following the refurbishment of service stations, Világgazdaság writes.

The visual identity, which was introduced in 1995, is now being transformed based on a comprehensive brand strategy. At the heart of the new brand design is a symbol that represents OMV’s integrated chemical, fuel and energy activities based on the principles of sustainability and the circular economy, the company said in a statement.

The colours of the new identity are a reference to the brand’s origins and history, but the brand’s renewed colour palette also ensures a timeless and modern look in the digital world, they added.

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Distressing: Fuel prices to rise again in Hungary

fuel prices in hungary petrol station car

Fuel prices are expected to increase this week in Hungary. The wholesale price of petrol and diesel will rise again on Friday after a week and a half.

Friday’s fuel prices

After a week and a half, the wholesale prices of petrol and diesel will rise again on Friday: we will have to pay HUF 4 more for a litre of petrol and HUF 5 more for diesel at Hungarian petrol stations, holtankoljak.hu reports. This means the following average fuel prices:

  • 95 petrol: HUF 594/litre (EUR 1.50)
  • diesel: HUF 601/litre (EUR 1.52)

Earlier, the Economic Research Institute (GKI) said that as more and more people will travel in the summer, prices are likely to be around HUF 650 (EUR 1.64) in August.

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Featured image: depositphotos.com

Good news: Fuel prices are lower in Hungary than in neighbouring countries

Fuel prices in Hungary

According to the latest data from the Central Statistical Office (KSH), average fuel prices in Hungary were about HUF 6 lower than in neighbouring countries during the week.

Világgazdaság reports that, according to the KSH, the average price of petrol was higher in other countries in the region, such as Austria, the Czech Republic, Croatia, Poland, Serbia and Slovakia. It is also noteworthy that the price decrease of HUF 7 in Hungary is the highest in the region.

Fuel prices in Hungary are lower than other countries in the region

Fuel prices in Hungary
Photo: FB/Orlen Hungary

In Hungary, the average price of 95-octane petrol was HUF 594 (EUR 1.52), which is HUF 6 lower than the regional average, based on the latest data from the EU Weekly Oil Bulletin, as announced by the Central Statistical Office (KSH). In neighbouring countries, the average price was HUF 610 (EUR 1.56), making the Hungarian price 2.6 percent lower (i.e., HUF 16).

The average weekly price of diesel was HUF 601 (EUR 1.53) in Hungary, which was 1.7 percent higher than the regional average of HUF 591 (EUR 1.51). The average price of diesel in neighbouring countries was HUF 603 (EUR 1.54), but in comparison, the Hungarian price was 0.3 percent lower. The average price of 95-octane petrol in Hungary also decreased by HUF 7 compared to the previous week, while the regional average price and the average price observed in neighbouring countries increased by HUF 5, respectively. The average price of diesel in Hungary did not change compared to the previous week.

Fuel prices

If we compare fuel prices in other countries in the region, we see that the average weekly price of diesel in Austria and Serbia exceeded the Hungarian value, while the average price in Bulgaria was more than 10 percent lower than in Hungary.

With the exception of Hungary, the average price of diesel increased in all countries in the region compared to the previous week. The largest increase was observed in Serbia.

However, the average price of 95-octane petrol in Slovakia was approximately 5 percent lower than in Hungary, as well as in Romania, where the difference is also 5-10 percent. On the other hand, the average price in Bulgaria is almost 10 percent lower than in Hungary.

The decrease in fuel prices follows an announcement by Márton Nagy, the national economy minister, in May about motor fuel price reductions. He said after a cabinet meeting that these reductions would bring Hungarian prices down to the average of neighbouring countries.

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Fuel in Hungary: Is it still worth going abroad to fill up? – Read here

Fuel prices in Hungary finally down to regional average, says economy minister

 

 

 

Fuel in Hungary: Is it still worth going abroad to fill up?

The downward trend in Hungarian fuel prices seems to be breaking: from Friday, the price of diesel will rise by HUF 2. ATV’s newscast looked at how Hungarian fuel prices currently compare with those in neighbouring countries.

Fuel prices in Croatia vs Hungary

croatia petrol station fuel
Ina gas station in Zadar, Croatia, 18 September, 2023. Photo: depositphotos.com

ATV’s crew went to Croatia first to find out how much it would cost to fill up with diesel on Thursday. They found that diesel fuel had become cheaper in the country a few days ago.

Taking into account the fact that the price of diesel in Hungary increased today and that the forint has recently appreciated, the difference between the Hungarian and Croatian diesel prices is HUF 70 (EUR 0.18).

This means that if you go to the border to refuel in a car with a larger capacity tank, you will save about HUF 5,000 (EUR 13).

Diesel prices in Slovenia and Romania vs Hungary

According to ATV, many of those who have diesel cars also cross the border to Slovenia to fill up, and they also do their shopping there.

The news portal writes that Slovenians are particularly happy to see Hungarians, as more cars mean more traffic, which means a big increase in revenue. One politician who spoke to ATV said that he also goes from Debrecen to Romania to refuel and shop. A full tank can save up to HUF 2-3000 (EUR 5.20-7.80).

Austria and Slovakia

Diesel prices in Austria and Slovakia are similar to those in Hungary.

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Featured image: depositphotos.com