Fuel Prices in Hungary Continue Upward Trend Amidst Middle East Tensions

Fuel prices in Hungary are anticipated to continue their upward trajectory, according to a report on Monday. The fuel price monitoring blog indicates that domestic fuel prices will rise again starting Tuesday, as cited by Világgazdaság. This latest increase is part of a broader trend affecting all types of fuel.

Recently, a wholesale price hike of HUF 4 and HUF 5 was observed on Saturday. As it stands, average prices for vehicle fuel are expected to increase. It is crucial to note that these numbers are averages and may vary slightly across different petrol stations. Should the recent wholesale price hikes be entirely transferred to retail prices, the average cost of petrol might surpass HUF 590, while diesel could exceed HUF 600.

Recent developments in the Middle East have significantly impacted global oil prices. As reported by Hungary Today, tensions have surged after Israel intensified its military actions against Hezbollah last month, resulting in the death of the group’s long-standing leader, Hasan Nasrallah, and leading to a limited ground operation in southern Lebanon. Consequently, Brent oil prices saw a marked increase.

The rising trend is further fueled by the fluctuating dollar-forint exchange rate, which has ascended from 355 two weeks ago on Sunday to 367.

Overall, from January to the present, wholesale petrol prices in Hungary have jumped by HUF 33 per liter, while diesel prices saw an HUF 18 increase. Notably, a mandatory excise duty boost in January accounted for HUF 41 of this rise. Without factoring in the excise duty, petrol prices have actually decreased by HUF 8, while diesel prices are down by HUF 23.

Considering an increase of approximately HUF 20-30 per liter, filling an average 50-liter petrol tank now costs between HUF 1,000 and HUF 2,000 more than in December of the previous year. The ongoing Middle East situation complicates efforts to revert this year’s fuel prices to their year-end levels last year.