Last week’s momentum continues and the price of fuel in Hungary will continue to fall this week, according to recent data from Holtankoljak.hu.
Fuel: the new prices have been announced – petrol and diesel will be cheaper again from Wednesday / Photo: László Róka / MTI
The Fuel Price Watch Blog since Wednesday, the wholesale price of gasoline and diesel will continue to decrease.
Gasoline will cost HUF 5 gross, while diesel will cost HUF 4 gross.
Thus, vehicle owners can count on the following average prices from the middle of the week:
- 95 gasoline – HUF 624/liter,
- diesel – HUF 612/liter.
Currently, the same is HUF 629 and HUF 616.
How much more expensive is it to refuel now than last year?
At the same time, typical retail prices are a few HUF lower than this: petrol is available for HUF 624-627, and diesel for HUF 610-613. In other words, it can be expected that from Wednesday the most typical retail prices at filling stations will be HUF 620 for gasoline and HUF 608 for diesel.
In recent weeks, we have witnessed an extraordinary reduction in fuel prices in Hungary. On April 17, we reported that the average price of 95 gasoline is HUF 650 per liter, and diesel is HUF 647 per liter. Over the course of just three weeks, the average price of gasoline fell by HUF 26, while diesel fell by HUF 35 per liter. Even with that, however, so far this year, that is, from January until now, at the wholesale level
the petrol price per liter increased by HUF 94, and the diesel price by HUF 46,
although HUF 41 of this can be traced back to the mandatory January excise tax increase. Excluding this, 53 and 5 forints more can be observed for gasoline and diesel, respectively. After the HUF 40-100 price increase per liter, an average 50-liter fuel tank costs HUF 2,000-5,000 more now than last December.
Why is the price of fuel falling in Hungary?
The answer to this question is twofold. On the one hand, there has been a massive price drop in the oil markets in recent days. The Brent contract is at $83 on Monday morning, down 5 percent in a week. The last time we saw such low levels was two months ago. Moreover the forint also strengthened against the dollar, moreover, the exchange rate is almost HUF five on a weekly basis, and is now around HUF 361.
In other words, it can be said that the stars are lucky for the Hungarian fuel dealers, and they are able to reduce prices in such a way that there is a good chance that their own margins are not affected, but simply that their costs have been reduced as a result of world market processes.
At the same time, the Hungarian government made it clear to them a week and a half ago that it expects them to voluntarily reduce fuel prices, otherwise it will intervene in the fuel market with harsh means. The cabinet expects that the price of Hungarian fuel should not exceed the average price of neighboring countries. Fuel traders took the government’s statement seriously and began a spectacular price correction. What this will be enough for will soon be decided, as the issue will be discussed at this week’s government meeting.
