According to media reports, a quarter of the gas stations had to close temporarily as a result. According to the Hungarian oil company MOL, panic buying led to the fuel shortage. Shortfalls in supply were attributed to maintenance work at the MOL refinery in Százhalombatta.
Meanwhile, MOL has resumed production, said György Bacsa, executive director of MOL Hungary, according to the Hungarian news agency MTI. However, even the full capacity of MOL could not cover the demands of the Hungarian market. This would require 30 percent imports, which have almost completely disappeared, emphasized Bacsa. Since the government extended the fuel cap to wholesale prices in the spring, the majority of importers were deterred, because they could only sell the fuel, which was expensively procured abroad, cheaply in Hungary.
demand doubled
At a press conference on Tuesday evening, Chancellery Minister Gergely Gulyás announced the end of the fuel price cap of 480 forints (1.17 euros) per liter. The new regulation comes into force immediately, quoted the online portal “hvg.hu”. Although Hungary had successfully fought against the ban on Russian oil supplies and sanctions that came into force on Monday, the minister emphasized that there were still problems with the fuel supply. According to the general director of the Hungarian oil company Mol, Zsolt Hernádi, the price per liter should be 645 forints for petrol and 699 forints for diesel. This would eliminate the chaos at the gas stations, the market would normalize and importers would return.
In the past week, demand for petrol was twice as high as in the same period in 2021, and for diesel it was 150 percent. While the daily turnover at MOL petrol stations is normally 5 million liters, on Tuesday last week it was 8 million liters, the director emphasized.
Ottó Grád, secretary-general of the Hungarian Petroleum Association, said the fuel shortage will continue until the fuel price brake is lifted. In November 2021, the government capped the price of petrol (95 octane) and diesel at 480 forints (1.17 euros) per liter.
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