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Government official: Oil reserves could be replenished before year-end

A significant portion of the diesel stock released from Hungary's strategic reserves could be returned to the reserve before the end of the year following a government decision to purchase close to 50 million litres of diesel, the state secretary for energy policy said on Thursday.

In a statement, Attila Steiner noted that the government in August approved the release of 184 million litres of diesel from strategic reserves with a view to ensuring domestic fuel supply. The freed-up reserves account for 38 percent of the diesel and 24 percent of the total diesel and crude stock.

Under the current regulations, the strategic reserves have to be replenished by April 1, 2023. To this end, the Hungarian Association for the Stockpiling of Hydrocarbons (MSZKSZ) has called a tender under which 47.8 million litres of diesel could be procured before the end of the year. The remainder of the released stock will be returned to the strategic reserve under further tenders.

Hungary has enough fuel in stock to meet residential demand, the ministry said. Thanks to the cap on fuel prices at the pump introduced last November, Hungarians pay the lowest price for fuel in the whole of Europe, it added.

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