Diesel: Austria limits diesel sales in Hungary. Too much demand for subsidized fuel
OMV, Austria's largest oil refinery , has decided to limit fuel sales at its service stations in Hungary after an uncontrolled sales boom, the latest sign of diesel shortages and fear of Russian supply disruptions. are spreading throughout Europe.
OMV's decision follows BP and Shell's moves to limit diesel supplies to Germany this week and after France reported early signs of a fuel shortage. Gasoline prices have soared around the world as the raw and refined fuel market experiences one of the worst shortages on record. In this situation, the Hungarian government has placed a limit on the price.
OMV introduced fuel restrictions at its gas stations in Hungary on March 8 after a government cap on prices sparked a rush to buy among consumers, a company spokesman told Reuters on Friday. Budapest ministers introduced a cap on retail fuel prices at 480 forints ($ 1.39) per liter in November and extended the measure on February 28 to wholesalers to help dealers cope with rising costs.
The maximum price – which is substantially below market prices – has triggered huge demand from trucks in transit to Hungary and retail buyers from neighboring countries, forcing the government to limit eligibility for subsidized fuel. OMV has limited refueling to 100 liters per transaction at its “normal” pumps and 300 liters per transaction at its “diesel high pressure” pumps in Hungary, the company said Friday.
The Russian invasion of Ukraine on February 24 fueled fears of a diesel supply shortage in Europe, where refineries' struggle to keep pace with the rapid recovery in post-pandemic demand had already reduced diesel supplies.
Russia is a major diesel supplier in Europe and accounted for 58% of European diesel and diesel imports last year, analyst firm Vortexa said Thursday.
European oil companies sanction themselves or avoid Russian oil if possible, creating a chaotic market between crude and commodities.
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The article Diesel: Austria limits diesel sales in Hungary. Too much demand for subsidized fuel comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/diesel-laustria-limita-le-vendite-di-gasolio-in-ungheria-troppa-domanda-di-carburante-sovvenzionato/ on Sat, 12 Mar 2022 17:41:30 +0000.