Tax on extra profit on fuel increased significally

The government will take almost all extra profit from Russian oil from December 8 due to the Brussels oil sanctions. The extra profit - especially from MOL - will be deducted and channeled into the utility protection fund.

According to the government decree, the previously 40% special tax will be increased to 95%. Two days earlier, the government had lifted the fuel price cap that had been in place for a year. The rate for the extra profit tax was initially 25%, which only increased to 40% at the end of July.

Lower oil imports via the Druzhba pipeline from Russia, extended maintenance work at oil company MOL's Danube Refinery in Százhalombatta and a huge increase in fuel demand have forced the government to abandon fuel price caps.

Due to the price cap, imports, which accounted for 30% of fuel consumption in this country, had largely stopped and are now gradually starting up again.