From Tuesday, the purchase price of gasoline has increased by 5 forints gross, while the wholesale price of diesel has increased by 10 forints gross (with 1 euro currently worth 388 forints), making refueling more expensive.
The main reason for this is that the price of Brent crude oil has risen by 5 percent per barrel due to the newly announced oil sanctions, which primarily affect Russia, reported Holtankoljak.
Yesterday, the average prices as follows:
- 95 octane gasoline: 574 Ft/liter,
- diesel: 578 Ft/liter.
The Brent oil variety, which is decisive for domestic fuel prices, has risen in price in recent days: a few days ago, it was trading at just over $60, but on Monday morning, it tested the $65 level. The sharp rise is therefore clear, but it should be added that a month ago, a barrel of North Sea oil was even more expensive than $70.
At the same time, the forint is holding up relatively well against the dollar.
On Monday morning, the greenback was trading at just over 334 forints, and a few days ago, the exchange rate even tested the 337 level.
U.S. President Donald Trump unexpectedly imposed sanctions on Russia’s largest oil companies, Rosneft and Lukoil, after saying that when he talks to Russian President Vladimir Putin, the talks are always good, but ultimately lead nowhere.
Trump justified the measures against the two Russian oil giants by citing Russia’s lack of commitment to peace when he met with NATO Secretary General Mark Rutte in the Oval Office on Wednesday.
The move is the first significant sanction against Russia since Donald Trump took office and targets two companies that account for about half of Russian oil exports. Oil and gas taxes account for about a quarter of Russia’s budget revenues.
Although Donald Trump has repeatedly threatened Moscow with new sanctions against the country, these threats have so far proved unfounded. However, the measures against the state-owned Rosneft and the privately owned Lukoil target key players in the Russian oil industry, even though the Russians have gained some experience in circumventing sanctions since the outbreak of the war in 2022.
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Fuel Prices to Rise in the Coming Days
After weeks of steady decline, both gasoline and diesel will become 2 forints more expensive on October 23, though current prices remain below last year’s levels.Continue reading
Via Holtankoljak, Világgazdaság; Featured photo: Pexels
The post Fuel Prices to Rise Again After New U.S. Sanctions on Russia appeared first on Hungary Today.
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