Péter Magyar, the winner of the 12 April elections in Hungary, convened a meeting on 16 April with Zsolt Hernádi and senior executives from the oil company MOL (MOLB.BU) to address the critical matter of fuel security, a priority in the coming weeks. Accompanying Magyar were István Kapitány and András Kármán, who engaged also in discussions regarding the future of the Mathias Corvinus College (MCC) think tank, which currently holds a stake in the oil company.
The centre-right TISZA (Respect and Freedom) party, led by Magyar, achieved a significant victory in the recent elections, marking the end of Viktor Orbán‘s 16-year tenure as Prime Minister.
In early March, Orbán’s government implemented a cap on fuel prices in response to rising oil prices, driven by the ongoing conflict in Iran, which has affected global diesel and petrol prices. Additionally, the government imposed a ban on the export of crude oil, diesel, and 95-octane petrol, while announcing the release of state fuel reserves equivalent to 45 days of supply, amid disruptions in deliveries through an essential pipeline transporting Russian oil via Ukraine.
Data from the Hungarian Hydrocarbon Stockpiling Association showed that Hungary’s strategic oil reserves dropped from 91 days of net imports at the end of February to 44 days by the end of March. However, efforts to replenish the reserves have since raised them to 53 days. EU member states are required to maintain reserves of 90 days of net imports.
“The acting government bears a significant responsibility concerning the strategic oil reserves in the coming 20 to 30 days,” said Magyar. He expressed hope that the Druzhba pipeline will be operational by the end of April, acknowledging that even after its restart, it will take time to replenish the strategic reserves fully.
Emphasising the importance of this issue, he remarked, “Ensuring security of supply is paramount in the coming weeks, both under the outgoing administration and in the initial days of the TISZA government.”
Following the meeting with MOL leadership, Magyar shared that the discussions had been productive, highlighting the importance of collaboration in ensuring the nation’s fuel security.
“From MOL’s side, they confirmed that our country’s uninterrupted fuel supply is assured despite the turbulent global market situation. We agreed that we will maintain the protected price for both diesel and gasoline even after the formation of the new government, and this will not impose any additional burden on the Hungarian budget. I call on Viktor Orbán to have the outgoing government extend until 30 May the regulation adopted on the reduction of the excise tax on fuels, which expires on 30 April,” the future Hungary’s prime minister posted on X.
MOL and Mathias Corvinus Collegium funding
Magyar and Hernádi also addressed a critical issue that the incoming government will need to confront: MCC’s ownership of a 10% stake in MOL, which functions as a Fidesz propaganda think tank.
In 2020, the Orbán administration allocated a 10% stake in the Hungarian oil company MOL to MCC. Since then, the think tank has received more than $1.3 billion in funding from the Hungarian state, primarily sourced through this ownership.
After his electoral victory, Magyar has expressed plans to stop state funding for the MCC moving forward.
“I also discussed with Zsolt Hernádi the 25 billion HUF dividend that MOL plans to pay to the MCC. I presented the plans of the TISZA government in this regard to the President and CEO. MOL will proceed in accordance with the relevant legal regulations,” Magyar posted on X.
