"Hungarian oil and gas group MOL is to cut the gross wholesale price of gasoline and diesel by HUF 3 and HUF 6, respectively, as of Wednesday, Portfolio.hu has learned on Monday.The decision is no surprise in view of the fall of market quotations last week, but local drivers would definitely be able to cheer to even bigger price reductions if the US dollar had not firmed so much.
Following the price cut, MOL's list price to retailers will be gross HUF 248.4 for a litre of gasoline and HUF 299.9 for a litre of diesel.
While retailers follow their own pricing models, drivers can expect to pay about HUF 3-6 less for each litre, which means the pump price of gasoline and diesel will be around HUF 299-300 and HUF 315, respectively.
In light of last week's market trend, the move comes as no surprise, as the latest figures show the price of both types of petrol dropped: gasoline became 0.2% and diesel by 4.2% less expensive in forint terms.
The price drop was even larger in USD terms, 5.2% at gasoline and 9% at diesel. The decline in forint terms was much more subdued than that, which is attributable to the dollar's appreciation last week. At the end of trade on the interbank market on Friday, the forint was quoted at 157.3 against the USD, while a week earlier, it was at 150.
MOL announced a trimming of its diesel price every Monday in the past four week weeks. Adding these up we have a litre of diesel costing HUF 21 less than a month ago. The price of gasoline was lowered only three times by HUF 15 total."
Source: Portfolio Online Financial Journal
12.08.2008