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| PETROL PRICE SKYROCKETS 23/05/2008 |
| (2008-05-23) |
| Last updated: 2008-05-26 14:53 EET |
If the Romanian state does not bring down fuel excises in the coming months, gasoline price might reach 5 lei (about 1.5 euro)- oil companies warn. But the minister of economy, Varujan Vosganian, criticised the exceedingly frequent price rises which he called an “outrage”. He said that as long as Romania has its own oil resources, domestic prices should no longer adjust to the world prices. According to minister Vosganian companies such as PETROM (taken over in 2004 by Austrian group OMV) set the highest sale price for gasoline in the EU. Varujan Vosganian:
“Romania has one of the most advantageous fuel taxation systems, therefore taxes, excises levied by the Romanian state are among the lowest in the EU; nevertheless the delivery price set by refineries is among the highest in Europe. I wonder how is it possible for them to set prices, without excises, that are higher than in France, Germany and Great Britain given that Romania is the only country in the EU to have its own oil reserves? What’s the use, then, of these reserves if refineries sell petrol at a higher price than in those countries?”
Some analysts say that the Romanian fuel market is strictly linked to the global one because at present the local market production stands at 4.5 million tons while consumption totals 14 million tons. On Thursday the crude oil price on international market exceeded the 135 dollar per barrel threshold, and American financial institutions estimate that in the second half of the year oil price could reach 141 dollars. Who’s going to be affected by these rises? Analyst Razvan Voican:
“At present the oil price at the pump seems to be sustained by the market but the first shocks are being felt by airlines and water transportation companies, the petrochemical and chemical industries. We are already witnessing a sharp increase in chemical fertilisers prices and probably in plastics as well. All transportation means of transport will be affected by the oil price rise.”
The oil price rise will automatically trigger higher living costs for the population, who will pay more for food stuffs and transportation, and a considerable rise in inflation.
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