Acasă » Oil&Gas » Hungarian Government increases to 95% the special tax paid by the Mol Group

Hungarian Government increases to 95% the special tax paid by the Mol Group

12 December 2022

The Hungarian government will increase from 40% to 95% the special tax paid by the local oil and gas group Mol, following the profit made from the price difference between Russian oil Ural and Brent Petroleum, Xinhua reports.

It is the second time that the tax imposed in the summer is increased, as it was initially of 25%. From now on, the state will practically take the entire profit margin.

On Wednesday, Prime Minister Viktor Orban announced that the Budapest Executive would take the “additional profits” from the fuel sales of Hungarian oil and gas companies, one day after the Government eliminated the fuel prices cap, while many people panicked and have purchased large amounts of fuels, also due to insufficient imports, according to Agerpres.

Foreign players have reduced their fuel deliveries to Hungary, after the authorities capped gas and diesel prices at 480 forint ($1.22) per liter.

The Government led by Prime Minister Viktor Orban introduced the fuel price capping in November last year, but the problems arising on the supply side forced the Budapest Executive to reduce the magnitude of the ceiling scheme in July, so those driving company cars could no longer buy fuels at capped prices. The capping of fuel prices was to expire at the end of this month.

Leave a Reply

Your email address will not be published. Required fields are marked *