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Hungary Can’t Maintain Fuel Cap Without Uninterrupted Russia Crude Supply: ATV

HUNGARY
  • Hungary will only be able to maintain its domestic fuel price cap next year if Russian crude arrives without interruption and there are no issues with the country’s refinery, ATV report citing the government. The fuel price cap of $1.22 per litre has led to a surge in demand while supply interruptions on the Druzhba pipeline during Russia’s war on Ukraine have led to a fuel shortage, ATV say citing refiner Mol Nyrt.
  • Commenting on the war at an executive committee meeting of the Centrist Democrat International (CDI) on Saturday, President Orban said Europe was united regarding the goal to stop Russia posing a threat to the security of Europe, and that this requires a sovereign Ukraine. When it comes to the means to achieve this, opinions differ, he added, saying that debates would continue.
  • Hungary’s economic sentiment index fell to -22.5 in November from -21.9 in October, according to GKI Economic Research. GKI business confidence fell to -11.6 from -10.1, while GKI consumer confidence rose to -53.4 from -55.4.
  • There are no major data release today, with PPI figures set for release on Wednesday the only domestic data points of note this week.
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  • Hungary will only be able to maintain its domestic fuel price cap next year if Russian crude arrives without interruption and there are no issues with the country’s refinery, ATV report citing the government. The fuel price cap of $1.22 per litre has led to a surge in demand while supply interruptions on the Druzhba pipeline during Russia’s war on Ukraine have led to a fuel shortage, ATV say citing refiner Mol Nyrt.
  • Commenting on the war at an executive committee meeting of the Centrist Democrat International (CDI) on Saturday, President Orban said Europe was united regarding the goal to stop Russia posing a threat to the security of Europe, and that this requires a sovereign Ukraine. When it comes to the means to achieve this, opinions differ, he added, saying that debates would continue.
  • Hungary’s economic sentiment index fell to -22.5 in November from -21.9 in October, according to GKI Economic Research. GKI business confidence fell to -11.6 from -10.1, while GKI consumer confidence rose to -53.4 from -55.4.
  • There are no major data release today, with PPI figures set for release on Wednesday the only domestic data points of note this week.