Coface: what to expect on the Hungarian fuel market?

By: Trademagazin Date: 2022. 10. 20. 09:36

European countries have already faced rising inflation, but prices may get another boost – according to the analysis of the credit insurance company Coface, in which the development of raw materials, including oil and fuel markets, was examined by the company’s regional expert. In Hungary, fuel consumption has recovered after the epidemic, further expansion is expected in the future, but this growth is surrounded by risks.

A régió elhanyagolható mennyiségű gázt és kőolajat termel

The acceleration of inflation and the parallel energy crisis brought fundamental changes to the international, including European, markets. For this reason, the raw material, oil and fuel markets have also come into focus, and these are pushing prices up even more. The vast majority of raw materials are denominated in dollars, and the strengthening of the American currency further increases the bill of raw material importing countries. This is especially true for European countries: the extremely weak euro, as well as the weakness of the currencies of countries outside the euro zone, raised the price per barrel of Brent oil – compared to the levels recorded for the oil price increases in 2008 and 2021 – by 30 percent higher, the analysis shows.