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Hungary sees unprecedented drop in fuel consumption

In the first quarter of 2010, fuel consumption in Hungary declined by an unprecedented 12% year on year, national daily Magyar Nemzet said on Thursday.

Quoting figures of the Hungarian Petroleum Association (MASZ), 98-octane petrol consumption suffered the biggest drop with 42.3%. The amount of 95-octane petrol sold declined by 14%, and diesel by 9.1%.

MASZ secretary-general György Wild attributed the trend to major price rises, which were mainly triggered to two excise tax rises and a VAT increase from 20 to 25% last year. (MTI)