Another fuel price hike in Hungary on Saturday
The wholesale gross list price of 95-octane petrol will be raised by HUF 3 per litre tomorrow (29 June), while the price of diesel will not change. Accordingly, we should find the following average prices at the pumps come Saturday:
- 95-octane petrol: HUF 613 /litre
- Diesel: HUF 629 /litre
Fuel prices were last raised on Thursday. The hike on Saturday will be the eighth in Hungary in 15 days. Compared to 13 June, we will pay HUF 23 per litre more for gasoline and HUF 33 more for diesel.
Earlier today, the government has called on fuel retailers to return to the practice of previous months and reduce their prices to below the average price in neighbouring countries. Otherwise, the government remains ready to intervene in the fuel market.
Today, 95-octane petrol is available in Hungary at an average price of HUF 610 per litre and diesel at an average price of HUF 629 per litre. According to data published on Friday by the Central Statistical Office (KSH), based on European Commission data, the average price of petrol in neighbouring countries reached HUF 606, while the average price of diesel is HUF 611 per litre.
THIS MEANS THAT PETROL IS HUF 4 MORE EXPENSIVE AND DIESEL COSTS HUF 18 MORE PER LITRE IN HUNGARY THAN IN NEIGHBOURING COUNTRIES.
Based on the KSH report, the Ministry of National Economy has concluded that prices for both petrol and diesel need to be reduced.
Let's see how fuel prices changed compared to four sort of arbitrary 'benchmarks':
- End of 2023: petrol +7.5% (HUF 43), diesel +6.1% (HUF 36);
- 10 June (day after elections): petrol +3.9% (HUF 23), diesel +5.5% (HUF 33);
- 2024 peak: petrol -5.7% (HUF -37), diesel -4.8% (HUF -32);
- Mid-January low: petrol +9.7% (HUF 54), diesel +7.2% (HUF 42).
In early May, a litre of diesel still cost HUF 14 less than a litre of petrol. By Saturday, it will be HUF 16 more expensive, but the gap has been narrowing since it hit HUF 21 on 25 June.
