Prices at Petrol Stations Will Plummet on Friday

Fuel prices will fall significantly on Friday. Petrol will cost 10 forints less per litre gross and diesel 18 forints less per litre gross – reports Világgazdaság.

The online community portal Holtankoljak wrote that on 5 May we can expect another big drop in fuel prices. From Friday, you can expect to see the following prices at petrol stations:

– 95 petrol: 570 forints per litre

– Gas oil: 549 forints per litre

The fall in fuel prices can be explained by the fall in Brent crude oil prices. The value of Brent North fell by one and a half per cent on Monday and then more than doubled on Tuesday, shrinking by 4.44 per cent to $75.78 a barrel. WTI US crude closed down 4.29 percent on Tuesday at 72.41 dollars a barrel.

The oil market has been plagued by recessionary concerns over prolonged central bank tightening and doubts over the development of demand in China. Data released at the end of the week showed an unexpected fall in Chinese manufacturing output in April.

Petrol Prices Sink Below Psychological Barrier

While this week’s price drop is good news for motorists, experts warn that price increases could soon be back in the cards, as world demand continues to grow while the major oil producing countries cut production by hundreds of thousands of barrels a day.Continue reading

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