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28th August, 2025
MOL prepared if Druzhba pipeline remains idle
There would not be a fuel shortage in Hungary if the Druzhba crude oil pipeline were to be shut down, but oil would be more expensive, MOL chairman and CEO Zsolt Hernadi told Mandiner magazine in an interview.
MOL and its subsidiaries currently provide the region with relatively cheap refined products from Russian oil, so a prolonged disruption could have serious consequences, he remarked.
“If Hungary is forced to rely solely on the Croatian route for crude oil, the costs will rise sharply”, Hernadi said.
He added that MOL is prepared for different scenarios: “We are prepared because we are thinking. But let’s not underestimate the importance of energy security.”
The Slovnaft refinery in Bratislava supplies much of the diesel that is imported into Ukraine. Without Druzhba flows, those deliveries would halt, said Hernadi, stressing that “This is not a threat, this is a fact.”
Slovak law prohibits the export of refined products once strategic reserves are tapped, further limiting options.
Hungary itself holds reserves, but Hernadi warned that if supplies are not restored by September and the country is forced to dip into them, another critical stage in regional energy security will be reached. (mandiner.hu; index.hu; 24.hu; portfolio.hu)
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28th August, 2025
Repair of oil pipeline will take days
The restoration of the Druzhba oil pipeline damaged in a Ukrainian attack will take days, Foreign Affairs and Trade Minister Peter Szijjaro said on social media on Wednesday.
He said he spoke with Russian deputy Energy Minister Pavel Sorokin on the telephone and was told that deliveries could re-start from Thursday in a test form and in lower quantities.
Hungary’s reserves are sufficient, and for the time being there is no need to draw on the strategic reserve, Szijjarto added. (telex.hu; index.hu)
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28th August, 2025
Wage growth near 10% in June
The average gross wage was Ft 704,400 a month in June, up by 9.7% from one year earlier, the Central Statistics Office announced on Wednesday.
The average net wage was Ft 484,200, increasing by 9.6% year-on-year.
The median gross salary was Ft 567,700 and the median net salary was Ft 395,000, exceeding the amounts in the same periods of 2024 by 10.3% and 10.5%, respectively.
Real wages rose by 4.8%, while consumer prices rose by 4.6%.
In the first half, gross wages were up by 9.2% to Ft 692,800, while net wages increased by 9% to Ft 476,100.
Analyst Peter Virovacz of ING bank noted that wage growth in construction has slowed, while in manufacturing it has returned to double-digit levels.
He suggested that the sharp rise in the overall average may reflect the dismissal of lower-paid workers. (ksh.hu; magyarnamzet.hu; portfolio.hu; hirado.hu; mfor.hu; telex.hu)
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28th August, 2025
Government hopes to save promised wage increases
The Economy Ministry has accused the EU’s customs regime of inflicting serious harm on both Hungarian and European businesses, threatening industry, employment and the implementation of the country’s three-year wage agreement.
In response, the government has begun drafting an industry and job protection plan.
Discussions have begun with the Chamber of Commerce and Industry and the Permanent Consultation Forum of the Competition Sector, as well as the Government.
Both employers and unions have warned for months that a proposed 13% rise in the minimum wage next year is untenable, given Hungary’s weaker-than-expected economic outlook.
The tripartite wage pact agreed last year assumed that robust GDP growth would sustain significant pay rises.
With growth faltering, however, officials and social partners are now under pressure to reconcile wage expectations with harsher economic realities. (portfolio.hu; telex.hu; magyarhirlap.hu)
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28th August, 2025
Pension funds pay out for home purchases
Pension funds may disburse a total of Ft 50-51 billion for home purchase purposes, an opportunity opened only this year, Portfolio calculates.
This shows up in the huge increase in the “other” purpose payout in the statistics.
Assets managed by pension funds rose to a record Ft 2.3 trillion by the end of June.
This translates into an average individual balance of Ft 2.15 million, equivalent to roughly nine months of today’s average pension of Ft 245,000.
Savers over 60 years of age hold significantly more assets, averaging Ft 3.3 million.
In the second quarter of 2025 the funds delivered Ft 57 billion in net returns, equal to 2.5% in just three months. Over the past year, the return has been 10%. (portfolio.hu; 24.hu; economx.hu; magyarhirlap.hu)
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28th August, 2025
Hungary allows transit of Ukrainian produce
“Ukraine will not export either corn or wheat to Hungary until our country requests it”, Agriculture Minister Istvan Nagy said after meeting Taras Kachka, Ukraine’s deputy prime minister, in his office on Wednesday.
Hungary will continue to prioritise the interests of its farmers by maintaining the import ban on Ukrainian agricultural products. However, transit through the country will continue to be permitted under strict control, he added. (magyarhirlap.hu; magyarnemzet.hu)
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