This is how the Ministry of Agriculture explains the continuous price increase

By: Trademagazin Date: 2025. 01. 17. 11:47

The Ukrainian threat to oil supplies and US sanctions are leading to a significant increase in fuel prices, the Ministry of National Economy (NGM) said.

According to the statement, the US Treasury Department has imposed strict sanctions on the “shadow shipping fleet” that provides Russian oil exports and the ship insurance companies associated with them.

As a result, China and India – as the world’s largest oil importers – will have to purchase more crude oil from other sources, such as the Middle East, Africa or the American continent, which will further increase raw material prices and transport costs – they added, adding that in addition, demand for oil may continue to increase during the cold winter months, especially in Europe and the United States. As a result, the price of Brent oil has increased by almost 10 percent in the past month

– they highlighted.

As a result of the Russian-Ukrainian war, the Friendship oil pipeline was shut down in early January, and the security of the TurkStream pipeline, which play a prominent role in Hungary’s energy supply, was also jeopardized. Therefore, it is in our country’s fundamental interest that all parties involved ensure the security and uninterrupted operation of the transport route, they wrote.