Motor fuel prices to be cut again on Friday
The wholesale gross list price of gasoline (Euro 95) will be cut by HUF 6 per litre, and the price of diesel will be reduced by HUF 5 per litre on Friday (15 Dec), holtankoljak.hu reported. Accordingly, we should find the following average prices at petrol stations:
- 95-octane petrol: HUF 558 /litre
- Diesel: HUF 583 /litre
At the beginning of January there will be a sharp break in the fundamentally downward trend in domestic fuel prices: the forint has weakened so much against the euro in recent years that the excise tax rate on domestic fuels has fallen below the EU minimum level, so it was necessary to increase the tax to avoid infringement proceedings.
The new tax level, with which the government played unnecessarily on the safe side, will come into effect from 1 January, when
THE PRICE OF PETROL AND DIESEL WILL INCREASE BY 41.3 FORINTS, INCLUDING VAT.
Compared to their mid-May lows, the price of petrol will be just 0.5% or HUF 3 per litre higher and the price of diesel will be up 7.6% or HUF 41.
However, compared to their respective peaks on 20 September, we see a 15.7% drop (HUF 104) in the price of petrol and a 15.0% (HUF 103) reduction in the price of diesel.
The charts below show how motor fuel prices changed (HUF) this year. The modifications come into effect on Wednesdays and Fridays.
Here are Hungarian fuel prices as of 6 December in regional comparison. Note that these are average prices taken from European databases, with the HUF values calculated at an EUR/HUF exchange rate of 382.59. If you add the impact of the excise tax hike, you'll find that Hungary's petrol would be the highest in the region, and only Serbia's diesel price would be even more expensive.
Cover photo: MTVA
