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Fuel Prices to Rise Significantly from the Last Working Day of the Week

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After a one-week break, fuel prices in Hungary are going up again, according to a recent report from Holtankoljak.hu. The last news on the price of petrol and diesel was published on March 27, just before Easter, writes Világgazdaság.

The fuel price monitoring blog has now reported that from Friday, wholesale fuel prices in Hungary will continue to rise. This is mainly due to the depreciation of the forint and a surge in Brent oil prices. Both factors are showing a spectacularly worsening trend, hence overall we can be glad that there is no double-digit price change.

The increase in the second half of the week is HUF 4 (1 EUR = 392.25 HUF) gross for petrol and HUF 7 gross for diesel.

Since wholesale price changes are being mirrored by the retail sector, i.e. by petrol stations, average prices could be as follows from April 5:

  • 95 petrol – HUF 645 per liter,
  • diesel – HUF 652 per liter.

Fact

Oil prices rose on Tuesday after attacks on Russian energy facilities in Ukraine. Moreover, the escalation of the conflict in the Middle East also pushed the price of Brent oil above USD 89 a barrel for the first time since October. In parallel, U.S. West Texas Intermediate (WTI) crude oil prices rose by about 1.6 percent, to USD 85.

On Tuesday, Ukraine launched a drone strike on one of Russia’s largest refineries, some 1,300 kilometers from the front line, causing a temporary halt to production. According to official reports, about half of the plant’s total capacity of 340,000 barrels per day was lost. In addition to the war between Russia and Ukraine, the escalating conflict in Gaza is having a growing impact on the market.

It is important to stress that these are average prices, from which actual retail prices may differ by a few forints. At the moment – and this will remain the case until midnight on Thursday – the average price of petrol is HUF 641 per liter and HUF 645 per liter for diesel. The typical retail price at petrol stations is a few forints lower. However, fuel is about HUF 50 more expensive per liter on motorways.

How exactly the newly announced wholesale price increase will be applied by petrol stations from Friday remains to be seen, but from January until now,

the price of petrol has increased by HUF 102 per liter and the price of diesel by HUF 79,

although HUF 41 of this is due to the compulsory increase in excise duty in January. Excluding this, there is an increase of HUF 61 and HUF 38 for petrol and diesel respectively. The increase of around HUF 80-100 per liter means that an average 50-liter tank of petrol costs HUF 4,000-5,000 more now than it did last December.

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It is important to stress that these are average prices, from which actual retail prices may differ by a few forints.Continue reading

Via Világgazdaság; Featured image via Facebook/MOL



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