Hungary frees up part of strategic motor fuel reserves

Energy Trade

Hungary is making available part of its strategic motor fuel reserves for domestic use, similar to a move by Austria, Technology and Industry Ministry László Palkovics said on Saturday, according to a report by state news wire MTI.

Hungary's motor fuel supply is secure, in spite of a longer-than-planned shutdown at the refinery of Austria's OMV, Palkovics said.

OMV will replenish the freed-up motor fuel reserves "as soon as possible", he added.

A decree published in the latest issue of the official gazette, Magyar Közlöny, shows the government has ordered the release of 18 million liters of 95-octane gasoline and 29 mln liters of diesel from the reserves.

The decree gives the local unit of OMV priority access to the freed-up reserves and stipulates that OMV Hungária may only resell the fuel at its local network of petrol stations or to wholesale partners for retail sale within Hungary.

OMV Hungária must replenish 40% of the released reserves by August 31, 2022, and the remaining 60% by October 31, 2022.

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