Hungary’s new leader seeks talks with MOL to secure fuel supplies

Peter Magyar’s first urgent task as Hungary’s new leader is fuel security, and that means sitting down with MOL, the country’s dominant oil company, almost immediately. After his TISZA party ended Viktor Orban’s 16-year rule, Magyar said stable fuel supplies would be a top priority in the coming weeks, a warning sign that Hungary’s political handover is landing in the middle of a fragile energy moment.

The pressure is real. Hungary’s strategic oil and oil-product reserves fell to 44 days of net imports by the end of March, down from 91 days at the end of February, before recovering to 53 days. That remains well short of European Union rules, which require emergency stocks equal to at least 90 days of net imports or 61 days of consumption, whichever is higher. Budapest has already responded with price caps, an export ban on crude oil, diesel and 95-octane petrol, and the release of 45 days of state reserves after disruptions tied to the war in Iran and supply problems from Ukraine.

The Druzhba pipeline sits at the center of that squeeze. Volodymyr Zelenskiy has said it should be operational again by the end of April, giving Hungary a narrow window to rebuild stocks and calm markets. Magyar has said the acting government faces a huge responsibility over the next 20 to 30 days, and that the next stretch will decide whether Hungary can steady its fuel system without another shock to households, transport firms and industry.

MOL has tried to reassure the market that supply has not been interrupted. The company said crude was also arriving through the Adriatic pipeline and that it had secured deliveries from Libya, Kazakhstan, Norway, Saudi Arabia and U.S. companies. That diversification matters because Hungary’s energy system still depends on regional routes that can be cut, delayed or politicized. The Adriatic line offers an alternative, but the risk profile remains high when one pipeline, one refinery and one government transition all move at once.

At MOL’s Danube refinery in Százhalombatta, the situation is still not back to normal. The refinery has been operating at reduced capacity after a fire in one of its units in October 2025. The fire broke out on October 20, 2025, and unaffected units began restarting the next day. Industry reporting puts the refinery’s capacity at about 165,000 barrels per day, a scale large enough to make any disruption a national issue.

For Magyar, the fuel question is also a test of credibility. Hungary’s forint rose sharply after Orban’s defeat, briefly touching an almost three-year peak against the euro, showing how closely investors are watching whether the new leadership can turn an election mandate into energy stability.