Report: Vehicle gas prices expected to rise further

EU

Vehicle gas prices in Hungary increased by HUF 3 per liter last week and are expected to rise further by HUF 2-3 on Wednesday, 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 392 per liter, while diesel prices may not change, due to the exchange rate depreciation of the forint to the dollar.

Last week, the price of Brent spot crude oil fluctuated between $59-$63, and the weekly average oil price decreased by 0.2%. On Friday, after the OPEC session, Brent spot rose by 10 cents. According to the report, price fluctuations were chiefly caused by the expectations of OPEC session decisions related to crude oil. The price change was also affected by increased crude oil drilling in the United States.

According to Reuters, in the Mediterranean market zones vehicle gas prices rose by 4.9%, while diesel rose by 0.4% from June 1-5. In the Mediterranean market zones, the price of premium unleaded gasoline increased by 4.8% per barrel, while prices increased by 3.6% in the North-Western-European and the Amsterdam-Rotterdam-Antwerp (ARA) zones in the same period.

As reported by Reuters, the demand for heavy oil decreased in the European market, however, demand increased in African and Arab countries. The report says that last year the price of diesel decreased by 8.5%.

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