Further Marginal Fall in Petrol Prices will do Little to Ease Motorists’ Pain
January 28, 2025
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Hungarian oil giant MOL will implement a new wholesale price change announced on Monday in its retail network. As of midnight, gasoline will be 3 forints cheaper and diesel 4 forints cheaper at MOL filling stations, reported Index.hu.
The first price reduction took place on January 21, when MOL ordered the retail network to reduce prices from midnight in an internal circular. The second price reduction took place on January 24, when MOL ordered another extraordinary price reduction for filling stations.
Domestic wholesale fuel prices will reportedly decrease again from Tuesday.
This time, gasoline will cost 3 forints less gross and diesel 4 forints gross.
The continuous decrease in fuel prices is a welcome news after weeks of uninterrupted price hikes at the pumps, but will do little to help motorists who are paying record prices due to the enormous price increases. Hungary’s petrol and diesel prices are still in line with the regional average though, fuel price hikes have been a fact of life in all surrounding countries due to the sanction on Russia as well as some green environmental policies.
The favorable development of exchange rates, however, made the current price reductions possible. The price of Brent type oil fell to 78 dollars from the previous level of 82 dollars, followed by the price of products, and the exchange rate of the forint also strengthened due to the weakening of the dollar.
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