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Petrol Prices in Hungary to Hit 650 Forints a Litre by 2024

• 6 Jul 2023 11:21 AM

The price of petrol in Hungary will soar past 600 forints a litre this autumn and is expected to level out at 650 forints from January – according to the latest forecast by the independent economic research body, GKI.

Experts predict that the Hungarian forint could weaken significantly, and drivers will have to pay an additional 41 forints in taxes per litre in 2024, as just voted through by Hungary’s National Assembly.

Furthermore, according to GKI, single-digit inflation in December will reach double digits by January thanks to the increase in fuel prices.

The average price of petrol is currently HUF 574/litre, with diesel at HUF 561 – roughly 20% higher than a year ago when there was a price freeze.

The cost of raw materials is also increasing. According to a report by Fitch Ratings, Hungary’s energy giant MOL plans to reduce the share of Russian oil in its refineries from 70% to 50% by December.

Source: RTL.hu

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