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MOL Set for 40% Windfall Tax from Hungary

REFINING

A Hungarian government decree published on Saturday showed the government will increase a windfall tax on refiner MOL's profits to 40% from 25% as of August 1.

  • The Hungarian government also announced it plans to maintain the price cap on retail fuel prices of 480 forints ($1.21) per litre – but would no longer cover the costs for company-owned cars with immediate effect.
  • MOL’s Danube refinery goes under maintenance from today which is going to cause a fuel shortage in Hungary and force the government to increase costly imports.
  • "We accept that there is not enough fuel, especially diesel, to fulfill demand without imports during the shutdown of the refinery," the prime minister's chief of staff Gergely Gulyas said on Saturday.
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