Domestic fuel prices are on the decline, as indicated by recent data released by Holtankoljak.hu. According to the fuel price monitoring blog, both the wholesale price of petrol and diesel will decrease starting Wednesday, with corresponding reductions expected at the pumps. Magyar Nemzet reports that petrol prices will decrease by HUF 3 gross, while diesel purchase prices will see a HUF 10 gross reduction.
This price drop will benefit vehicle owners, with the average price of 95 petrol expected to be HUF 615 (1 EUR = 389 HUF) per liter, and diesel priced at HUF 647 per liter by mid-week.
However, despite the current price cut, wholesale petrol prices have increased by HUF 71 per liter and diesel by HUF 73 so far this year. Of this increase, HUF 41 is attributed to the mandatory excise duty hike implemented in January, with additional increases of HUF 33 and HUF 42 for petrol and diesel respectively. This overall hike of around HUF 70 per liter means that an average fifty-liter tank of petrol now costs HUF 3,500-4,000 more than it did in December last year.
The association recently announced that member companies operate more than half of the approximately 2,000 domestic petrol stations. These stations account for seventy-five percent of petrol and nearly seventy percent of diesel product sales at the retail level. The organization emphasized the complexity of determining an average retail price for the market, highlighting that pricing decisions are made by owners and can change daily.
Hungary Today reported that Minister of National Economy Márton Nagy held talks with representatives of the Hungarian Petroleum Association, including MOL, earlier this month. The parties agreed to hold regular meetings to assess domestic and international events and economic developments affecting fuel supply and prices. Nagy reiterated the government’s commitment to ensuring security of supply and establishing competitive fuel prices at the regional level, urging fuel distributors to uphold their previous commitment in this regard.
