"Hungarian fuels group MOL will lower the gross wholesale list price of gasoline and diesel by HUF 4 and HUF 6 per litre as of Wednesday, respectively, Portfolio.hu has learned on Monday.Following the price cuts on Wednesday (19 Nov), MOL will sell a litre of gasoline to retailers for HUF 238.4, while the gross wholesale list price of diesel will be lowered to HUF 266.9.
While retailers follow their own pricing models, drivers can expect to pay about HUF 4 and HUF 6 less for a litre of gasoline and diesel as of Wednesday, respectively. This means that the pump price of former fuel will be around HUF 254 and a litre of diesel will be around HUF 281.
In view of last week's market processes, the move comes as a surprise, as the latest data show the price of gasoline and diesel dropped last week only in dollar terms (by 5.6% and 7.6%, respectively), and while the forint's weakening versus the USD has somewhat eroded this impact (in forint terms the price of gasoline fell by 4.7% and that of diesel dropped 6.7%), the price reduction will still be large.
The price of gasoline was lowered every week in the past eight weeks, and with Wednesday's move its price will be down by a total of HUF 54 since 20 September.
In this period, the price of diesel was cut eight times (including the one coming this Wednesday) by a total of HUF 31."
Source: Portfolio Online Financial Journal
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18.11.2008