Fuel Prices in Comparison with Neighboring Countries and the Region

The latest data from the EU’s Weekly Oil Bulletin confirms the trend of the previous month. Refueling in Hungary remains cheaper than the average in neighboring countries, while prices for gasoline and diesel fell slightly, with the Ministry for National Economy emphasizing the stabilizing role of the government.

Motorists in Hungary benefited from moderate price developments at the pumps in January. According to the latest report from the Central Statistical Office (KSH), which is based on the EU’s Weekly Oil Bulletin, domestic prices were below the average for neighboring EU member states.

The monthly average price for 95 octane gasoline in Hungary in January was 555 forints (1.47 euros).

This means that Hungarian consumers paid around 4 forints (0.7 euros) less than the average in neighboring countries (559 forints/1.48 euros). Nevertheless, a look at the wider region shows that the price level there is slightly lower at 540 forints (1.43 euros).

The picture is similar for diesel:

• Hungarian average: 570 forints (1.51 euros)
• Neighboring countries average: 573 forints (1.52 euros)
• Regional average: 552 forints (1.46 euros)

The prices fell particularly sharply compared to the previous month in Slovenia, where fuel became up to 25 forints (0.066 euros) cheaper. In countries such as Austria, Serbia, and Slovakia, on the other hand, motorists had to dig deeper into their pockets in January than in Hungary.

In a statement on Saturday, the Ministry for National Economy expressed its satisfaction with the development. According to the statement, the government’s target of keeping fuel prices below the average of neighboring countries has been met. “The government will not allow Hungarian families to bear the burden of the war and the Brussels sanctions,” the ministry said. It said it was in constant dialogue with players in the fuel market. The aim was to closely monitor international market developments in order to take “swift and effective measures” to protect the economy and private households if necessary, it said.

Despite minor fluctuations at the end of the month, wholesale prices remained stable over the past weekend and will not change from Tuesday onwards.

According to the fuel price blog holtankoljak.hu, consumers can currently expect the following average prices at gas stations:

• 95 octane gasoline: 557 forints (1.48 euros) per liter
• Diesel: 575 forints (1.52 euros) per liter

Although Hungary ranks in the middle of the pack in a regional comparison (including Bulgaria and Poland), the price difference between Hungary and its immediate neighbors remains the decisive political barometer for the government in Budapest.

Via ksh.hu, kormany.hu, holtankoljak.hu; Featured image: Pixabay

The post Fuel Prices in Comparison with Neighboring Countries and the Region appeared first on Hungary Today.

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