Hungary eliminated petrol price limitations on Tuesday, blaming the price caps on a fuel scarcity that caused “panic purchasing” at gas stations.
Gergely Gulyas, chief of staff to Prime Minister Viktor Orban, blamed the fuel shortage on EU oil sanctions imposed in response to Russia’s invasion of Ukraine. Gulyas declared that “the government will lift the petrol price cap at the recommendation of MOL” with immediate effect.
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MOL’s executive director Gyorgy Bacsa that the “supply situation is clearly critical, demand has skyrocketed, consumers are stocking up, and panic buying has begun.”
“A partial product shortage is present in our entire network and a quarter of our filling stations were completely empty,” said Bacsa.
The fuel scarcity is the result of a 30% decline in imported fuel as well as maintenance at one of MOL’s refineries, and it will take “many weeks” to rectify, according to him.
According to the Association of Independent Petrol Stations, the government-mandated price cap on car fuel products has caused international corporations to reduce fuel exports to Hungary. Budapest imposed a fixed price of roughly 1.17 euros ($1.22) per litre of 95-grade fuel in November 2021.
