Economy 31 January 2025, 1:40pm

Another fuel price change coming up in Hungary

Portfolio

Hungarian energy group Mol is to modify the wholesale gross list price of diesel on Saturday (1 February), while it will keep the price of petrol on hold, fuel price tracking site holtankoljak.hu reported on Friday.

Mol will lower the wholesale gross list price of diesel by HUF 2 per litre on Saturday, while it will not change the price of petrol. Holtankoljak.hu believes that a small reduction is possible in the retail price of both fuel types.

We find the following average prices at the pumps today (31 Jan):

95-octane petrol: HUF 630 /litre
Diesel: HUF 641 /litre

The government has repeatedly stressed it does not want local fuel prices to exceed the average of Hungary's neighbouring countries*, and the latest data (for 27 January) show that it was not the case. The excise tax hike did not affect Hungary's rankings too much and its average petrol price was "only" the fifth-highest and the price of diesel the fourth-highest among neighbours on Monday.

The Central Statistical Office (KSH), which relies on the European Commission's Weekly Oil Bulletin too, has adjusted its methodology after some well-deserved criticism it took to heart, but as of August it has switched to a monthly reporting frequency from the previous weekly frequency.

The next Weekly Oil Bulletin will be released on 6 February with prices for 3 February, while the KSH is also expected to update its monthly readings next week.