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MOL to raise fuel prices to new historical records

Hungarian oil and gas company MOL is to raise its wholesale petrol and diesel prices both by HUF 10 from Wednesday, industry insiders told MTI on Monday.

The increases will bring prices at the pump to HUF 422-424 per litre for petrol and HUF 443 per litre for diesel, both new historical highs.

Analysts say the main reason behind the price increases is the recent weakening of the forint to the dollar.

A VAT increase in force from January 1 raised prices at the pump by HUF 6 per litre for petrol and HUF 7 per litre for diesel.

MOL last changed its vehicle fuel prices a week earlier, raising the price of petrol and diesel each by HUF 6.