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MOL to raise prices because of tax increases

Oil and gas company MOL will raise its wholesale petrol and diesel prices by HUF 13 and HUF 15 per liter, respectively, from Wednesday because of a VAT and excise tax rise, industry insiders told MTI on Monday.

Were it not for the tax rises, MOL would have lowered its wholesale prices for petrol and diesel by HUF 6 and HUF 3 per liter, respectively.

The tax increases will raise the price of petrol by HUF 19 per liter and the price of diesel by HUF 18 per liter but a drop in oil product prices and the strengthening of the forint will temper the rise.

MOL last changed its wholesale vehicle fuel prices a week earlier, raising the price of diesel by HUF 3 per liter but leaving the price of petrol unchanged.

The excise tax content of both petrol and diesel will rise by HUF 5.5 per liter from July 1, to HUF 109 for petrol and HUF 90.5 for diesel. Hungary's main VAT rate will rise to 25% from 20% a the same time.

Prices at the pump are now about HUF 290 per liter for petrol and HUF 270 per liter for diesel. (MTI-ECONEWS)