The winner of the elections in Hungary, Peter Magyar, announced on Wednesday his intention to quickly meet with the management of the oil group MOL in order to secure the fuel supply, which has become a central issue for the country.
At the head of the center-right TISZA (Respect and Freedom) party, Peter Magyar won a landslide victory in the parliamentary elections, ending 16 years of rule by nationalist Prime Minister Viktor Orbán. In this context of political transition, he emphasized the urgent need to stabilize the energy market.
The issue of fuel has become a priority in the face of rising global prices, fueled in particular by tensions related to the war in Iran. In early March, the outgoing government introduced a cap on fuel prices in an attempt to limit the impact on consumers.
At the same time, the authorities had taken exceptional measures, including a ban on exports of crude oil, diesel, and gasoline, as well as the use of national strategic reserves. These decisions followed an interruption of supplies via a key pipeline carrying Russian oil through Ukraine.
According to data from the Hungarian Hydrocarbon Stock Management Association, the country's strategic reserves have declined sharply, falling to the equivalent of 44 days of net imports at the end of March, compared to 91 days previously. This drop is fueling concerns about the country's ability to cope with potential prolonged disruptions.
In this tense context, discussions between the new government and the MOL group will be crucial to ensuring continued supplies and reassuring the markets. Managing this energy crisis is one of the first major challenges facing the new Hungarian government.
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