MOL CEO Says Hungary Has Sufficient Motor Fuel

There is enough motor fuel in Hungary; supply is secure and the goal is to ensure that it remains secure tomorrow and the day after tomorrow, the chairman-CEO of Hungarian oil and gas company MOL, Zsolt Hernádi has announced.

He said water levels in the Danube, which provides both cooling and industrial water for the refinery, had dropped to an unprecedented level. In 2018, with government support, MOL began a joint investment project with the Dunamenti Power Plant and built a pumping station that ensures operations even at such low water levels.

He added that petrol was more or less available, but with the loss of the Strait of Hormuz and the Russia market, 10-13% diesel supply was missing from the global market. Since the phasing out of regulated motor fuel prices in Hungary, diesel prices have gone up by HUF 160/liter on global market.

In August, the Hungarian market will require 356 million liters of diesel, of which the Danube Refinery will produce 230 million liters and MOL will import 95 million liters from the Slovnaft Refinery in Bratislava, Slovakia. MOL has completely halted exports, but Hungary still relies on imports for diesel, and import parity in price must be maintained, he said.

He also noted that following the fire in 2025, the distillation plant at the Danube Refinery will be restored by September 22, initially for test operations. He was of the view that once the refinery is fully operational, Hungary will be much less dependent on fuel imports.

Speaking of the extraordinary energy situation, Zsolt Hernádi urged industrial companies to voluntarily curb their energy consumption.

In response to a question, he said Hungary would be in big trouble if the strategic reserves had not been refilled as imports are now facing logistical difficulties. Due to the low water level of the Danube, fuel cannot be imported via the river at the moment.