Hungary fuel prices rise after protected price scheme ends

From Wednesday, wholesale fuel prices in Hungary increased sharply: petrol rose by HUF 14 per litre and diesel by HUF 7 per litre. The rise follows the June 27 termination of the protected fuel‑price regime, which had capped 95‑octane gasoline at HUF 595 per litre and diesel at HUF 615. Current average market prices are about HUF 587 per litre for gasoline and HUF 608 for diesel, though station prices may vary.

The price surge is attributed to higher crude‑oil costs and heightened geopolitical tensions in the Middle East. Opposition party Fidesz called on Prime Minister Péter Magyar and Economy Minister István Kapitány to act, demanding greater transparency on Hungary’s strategic oil reserves – reported to cover only 24 days of diesel and 14 days of gasoline. The party warned that the country is vulnerable to supply shocks and urged the government to replenish stocks and consider reinstating regulated prices if market conditions worsen. The law that ended the price cap also allows the minister to re‑introduce official fuel prices by decree in the future.

Motorists across the country are facing the higher costs at the pump as the market adjusts to the new pricing framework.