Fuel Prices and Trends


Starting this Friday, petrol prices are set to see a slight decrease at Hungarian gas stations, while diesel prices will remain unchanged, as reported by Index. Following a minor uptick in diesel prices last Monday, the cost of petrol is expected to drop by 3 forints gross on the first day of December, with diesel maintaining its current price throughout the week. Average prices for the beginning of December stand at HUF 577 (EUR 1.52) per liter for 95 petrol and 604 Ft (EUR 1.59) per liter for diesel.



Recent analysis by Index attributes the fluctuations in fuel prices to unexplained economic shifts rather than market fundamentals. Energy expert József Balogh suggests a potential political agreement between the government and the MOL group, with a reduced mining fee contributing to lower retail fuel prices. Despite this, Balogh anticipates a 41 forint increase in fuel prices next year due to an impending excise tax hike.


Ottó Grád, secretary general of the Hungarian Petroleum Association, offers an alternative explanation, tying the price changes to international economic trends rather than local agreements. The World Bank, however, issues a cautionary note, warning of the potential for record high oil prices reaching USD 157 per barrel in the event of an escalation of the war in Israel. The current energy market's sensitivity, influenced by the Russian-Ukrainian war and associated sanctions, further adds complexity to the global oil supply scenario.

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