Oil embargo? MOL makes a huge revenue from Russian oil

Russian oil brings MOL an extra $4 million (HUF 1.5 billion, EUR 3.84 million) a day in revenue.

According to RTL Híradó, MOL, the fuel distributor in Hungary, is making a huge profit of around 4 million dollars a day by being able to buy cheaper Russian oil. As we can read in the article of Index, the expert said that Hungary’s daily oil consumption is about 180 thousand barrels, of which Russian oil accounts for about 65%.

The real price of fuel

Due to the government-imposed price cap, No.95 petrol and diesel are currently available at petrol stations for HUF 480. However, those who are not eligible for the price freeze must still buy at the market price, as 24.hu reports. The average price of a litre of No.95 petrol is HUF 634 (EUR 1.64), and it is HUF 687 (EUR 1.78) for diesel.

According to the Hungarian government, it would cause further price rises if the country joined the EU embargo on Russian oil, so it continues to oppose the relevant EU sanctions.

Government politicians say that fuel would then cost HUF 700 (EUR 1.81) or even 800 (EUR 2.07).

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Who’s the real winner?

RTL Híradó quoted PM Viktor Orbán and MOL CEO Zsolt Hernádi saying that