Auto Fuel Sales Plunge on Phase-Out of Fuel Price in Hungary
- 21 Apr 2023 1:37 PM
- Hungary Around the Clock
Auto fuel sales in Hungary slumped by 18.2% year-on-year to 896 million litres in the first quarter as motorists cut back on fuel purchases after the government phased-out price caps in December, the Hungarian Mineral Oil Association (MÁSZ) announced.
Petrol sales shrank by 10.2% to 343.5 million litres, while diesel sales fell by 22.4% to 552.6 million litres.
Premium fuel accounted for 48 million litres of petrol and 37 million litres of diesel sold.
MÁSZ members accounted for 75% of petrol and 60% of diesel sales in Hungary in 2022.
The government set a price cap on motor fuels in November 2021 at Ft 480 per litre to ease the impact of rising inflation, which at that time was still well in single-digit territory.
The regulated prices applied to 95-octane fuel and diesel, but not premium products. The government gradually reduced eligibility for subsidised prices, by excluding foreign-registered and company-owned cars.
The caps meant that for much of 2022, fuel prices at Hungarian pumps were among the lowest in Europe. However, after the end of state intervention Hungary had some of the highest prices in the region.
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