In December, there were still queues at petrol stations, with many places unable to get fuel. By the middle of the month, the 100-litre limit, which had been a major handicap for haulage companies, was lifted and the oil price cap was abolished, but this did not solve the supply problems. The situation has improved with the restoration of the refinery in Hundred Halombatta to full capacity, but supply problems are expected to resume soon.

Despite the increase in demand, OPEC (Organisation of Petroleum Exporting Countries) has again decided to cut production. Many factories are replacing their gas consumption with oil, so demand has risen even higher. Around February-March, supply problems could reappear and gas oil prices could even approach 1000Ft per litre, experts warn. Already on Friday 27.01.01, the price of both types of fuel will rise sharply (petrol by 8 Ft gross, diesel by 6Ft gross), which could push diesel prices above 700Ft/litre.

Expect a reshuffle of care this year. From 5 February, the EU will impose an oil embargo on Russian oil to drastically reduce Russia’s oil revenues. From that date, companies using Russian oil (e.g. MOL) will no longer be allowed to export the end product.

The winners of the embargo could be Poland’s ORLEN, which has its own refinery and, having acquired the previously Czech-owned UniPetrol, which has been present in the country since 2016, is able to sell both wholesale and retail. They have also reached an agreement with the Mol Group to take over part of the filling stations. Meanwhile, MOL has purchased Polish wells for USD 610 million. One reason for this may be that the MOL group is trying to get closer to Polish refined oil.

Following the completion of the Mol transaction, the Orlen Group will operate more than 660 service stations in the Czech Republic, Slovakia and Hungary. In Hungary, it will increase its number of service stations to 143, making it one of the four largest players in both markets.

Source: Világgazdaság, Index, Fuvarlevél magazine