Hungary Taps Strategic Fuel Reserves Amid Market Turbulence
Hungary's government will release 575 million litres of fuel from strategic reserves to maintain supply at capped prices. This decision is influenced by international market pressures and follows a prior release by the Orban administration. Fuel will be available only at capped prices until June 30.
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In response to volatile global market conditions, the Hungarian government announced its plan to release 575 million litres of fuel from strategic reserves. The latest decree, published in the official journal, ensures a secured supply of petrol and diesel at capped prices until the end of June.
Prime Minister Peter Magyar emphasized the necessity of such measures, prompted by rising oil prices due to geopolitical tensions. The release includes 150 million litres of 95-octane petrol and 425 million litres of diesel, following an earlier release under Viktor Orban's leadership during a halt in Russian oil flow through the Druzhba pipeline.
The policy is strategically aimed at safeguarding consumer interests by maintaining affordable fuel prices amid international uncertainties, as the government remains committed to market stability.
(With inputs from agencies.)
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