New excise tax rules to lift vehicle fuel prices

Telco

Wholesale vehicle fuel prices in Hungary will rise about HUF 6-13 per liter from tomorrow (Saturday), when new rules on excise tax take effect, Hungarian news agency MTI reported today.

The price of petrol will rise by HUF 6.4 per liter, bringing the price at the pump to around HUF 340 per liter. The price of diesel will increase by HUF 12.7 per liter, raising the pump price to around HUF 346 per liter, industry insiders told MTI. 

In June, lawmakers decided to link the excise tax content of vehicle fuel to global oil prices. If the price of Brent is under USD 50 per barrel, the content rises, and if it remains over that price threshold, the content is returned to earlier levels. The tax content may change quarterly.

The price of Brent has been under USD 50 per barrel for most of the third quarter.

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