This Friday the price of fuel increased in Hungary, the financial news site portfolio.hu reports based on information from the fuel price website holtankoljak.hu. The average price of gasoline per liter rose by HUF 5 to a historic high of HUF 454, while the average price of diesel per liter increased by HUF 6 to HUF 449.
In portfolio.hu's fuel price database, which has been kept for over 20 years, the highest gasoline price was recorded on April 20, 2012 at HUF 453.8 per liter.
Domestic fuel prices are influenced by several factors, including the world market price of crude oil, refining margins, taxes, and the exchange rate of the forint against the dollar.
In addition to the oil price and the HUF/ USD exchange rate (which has significatly worsened in the past eleven years), two other factors play a role in fuel prices. One is the margin between petroleum products and crude oil where improvement has been observed. The other is consumption tax, the highest in the European Union, the rate of which is unlikely to change in the short term.
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