Fuel prices to be lowered in Hungary at last
Fuel prices will be lowered for a change in Hungary on Friday. The price of petrol will be trimmed by HUF 3 per litre and diesel will cost HUF 5 less per litre. Accordingly, we should find the following (average) prices at the pumps:
- 95-octane petrol: HUF 641 / litre
- diesel: HUF 653 / litre
The price of petrol remains 12.5% or HUF 71 higher than at the end of 2023, while the price of diesel will be 10.1% or HUF 60 per litre higher.
Last Friday, the difference between petrol and diesel prices dropped to its lowest (HUF 7) since early September (HUF 8), but widened to HUF 14 with today's price changes, and will drop to HUF 12 on Friday.
Hungary's Minister of National Economy said on Monday that he has summoned Mol and the Hungarian Petroleum Association for talks in the second half of the week, as in the ministry's view their agreement to keep Hungarian fuel prices in the mid-range of the region is no longer met.
They previously agreed that Mol and the Hungarian Petroleum Association will try to keep domestic fuel prices in the middle of the regional rankings, but they have been rather in the Top3 recently.
The minister justified the possible intervention by saying that fuel prices are not only determined by market (Russian Urals-type) oil prices, but also, for example, by the profit content. Profit margins will therefore be discussed in the talks, including how these indicators develop in neighbouring countries.
As of today, Hungarian fuel prices are the second-highest in Central and Eastern Europe and only a tad lower than in Austria.
Cover photo: Getty Images
