Fuel prices to hit new high in Hungary

Hungarian energy group MOL is hiking the price of motor fuels further as of Wednesday, with the wholesale price of gasoline to rise by HUF 5 and that of diesel by HUF 6 per liter. The increase takes local prices to new all-time highs.

MOL is increasing the gross wholesale list price of gasoline by HUF 5 and that of diesel by HUF 6 on Wednesday (29 December). As a result retailers will pay HUF 343.5 per litre for gasoline and HUF 333.9 per liter for diesel based on MOL list prices.

Although each gas station has its own pricing model, drivers should expect retail prices to rise by approximately a similar amount, paying around HUF 360 (EUR 1.29) per liter for gasoline, or some HUF 350 (EUR 1.25) for a liter of diesel oil.

MOL's move comes as no surprise, considering the recent increase gasoline and diesel prices in global markets in forint terms (4.6% and 3.4%, respectively).

As a result of the price rise, wholesale prices will be at new record highs.

According to the Hungarian Petroleum Association, fuel consumption in Hungary fell by 9.8% in the first nine months of 2010.