Report: Vehicle gas prices may rise further

Telco

Vehicle gas prices may rise by an additional HUF 3-5 per liter on Wednesday, while heavy oil prices are not expected to change; this comes following a rise in gasoline prices last week by HUF 2-3 per liter, economy research institute GKI Gazdaságkutató Zrt. reported today.

International news agency Reuters noted that in the Mediterranean market zones, vehicle gas prices are expected to rise to HUF 394 per liter, while heavy oil prices will stagnate at HUF 381 per liter.

Last week, the price of Brent spot crude oil fluctuated between $60-$65, and the average weekly oil prices increased by $1.4. In addition to the United States, Saudi Arabia and Iraq also increased crude oil drilling, as such investors do not expect a significant price increase.

According to International Energy Agency (IAE), the oil price increase this year chiefly due to an increase in demand which is expected to reach 1.4 million barrels per day. The decline in crude oil drilling did not affect prices and analysts believe that the decline in the number of drilling stations may soon level out.

As reported by Reuters, in the Mediterranean market zones the price of premium unleaded gasoline rose by 3.1%, while heavy oil rose by 0.5% from June 8-12. In the North-Western-European and Amsterdam-Rotterdam-Antwerp (ARA) zones, premium unleaded gasoline rose by 2.3-2.9%, while heavy oil rose by 0.8-1.1%.

The report states that the increased demand of exports caused prices to rise in the gasoline market.

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