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Report: Vehicle gas prices expected to rise

EU

Vehicle gas prices in Hungary are expected to rise by HUF 3-5 per liter, with the price of diesel remaining the same, economy research institute GKI Gazdaságkutató Zrt. said in a report today.

In the Mediterranean market zones to which Hungary belongs, vehicle gas prices are expected rise by 0.2% and diesel would rise by 2.5%. The changes in the North-Western-European and the Amsterdam-Rotterdam-Antwerp (ARA) zones mean fuel prices may rise by 4.2-2.6%, while heavy oil may increase by 0.3-0.5%. 

International news agency Reuters noted that the average weekly price of diesel in the Mediterranean zone, during the period of May 18-22, rose by 0.7%, while the price of fuel oil decreased by 1.7%. In the northern-European zones, however, the price of diesel rose more vigorously, by 2.3-2.4%.

Last week, the price of Brent spot crude oil fluctuated between $63-65 and the weekly average oil price decreased by $0.8. According to the report, price fluctuations were chiefly caused by international news about the crude oil demands and the normalization of crude oil drilling in the United States. The price change was also affected by the upcoming OPEC session in June, where participants are expected discuss questions related to crude oil. 

The weekly exchange rate of HUF to USD, in the period of May 18-22, weakened on average by 1.9%, reaching an exchange rate of HUF 276 per dollar.

According to data, European countries which continue to import diesel from Russia and Asia and the Arab countries increased the demand of diesel. The report says that last year the price of heavy oil decreased by 9%.

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