Fuel Prices Reach a Fourth Yearly High
Fuel Prices Increase for the Fourth Time in January
On Thursday, fuel prices rose again, marking the fourth increase in January alone. Petrol stations have started implementing individual tariffs, resulting in a price difference of more than 50 forints (0.12 euros) per liter at different stations.
According to the latest changes in domestic wholesale fuel prices, petrol now costs 4 forints (0.009 euros) more, while the price of diesel remains unchanged this time. The average prices on Wednesday stood at 631 forints (1.52 euros) per liter for 95-octane petrol and 650 forints (1.57 euros) per liter for diesel. Generally, fuel prices tend to be higher along motorways and expressways, while they are more affordable in cities.
This recent increase marks the fourth time within a week that fuel prices have gone up. The year started with an excise tax hike on January 1, leading to an almost 8 forint (0.019 euros) increase per liter for both types of fuel. Subsequently, prices were raised by 2 forints (0.004 euros) on Saturday, followed by another increase on Tuesday. Prior to that, on Monday, the wholesale price of petrol rose by 3 forints (0.007 euros) gross, and the purchase price of diesel increased by 4 forints (0.009 euros) gross.
Despite these continuous hikes, data from the Hungarian Central Statistical Office shows that fuel prices in Hungary were relatively favorable in December compared to average prices in neighboring countries. The monthly average price of diesel in Hungary was 633 forints (1.53 euros), which was 0.5% lower than the regional average. Similarly, the average petrol price stood at 617 forints (1.49 euros), aligning with the neighboring countries’ average. The data also indicates that the average prices at the end of last year were higher in Austria, Croatia, Serbia, and Slovakia than in Hungary.
As motorists face these consecutive price hikes, it remains to be seen how the trend will develop in the coming weeks. Stay tuned for more updates on fuel prices and market trends.
