BUSINESS

Libya conflict to lift fuel prices

OMV Petrom will increase fuel prices in the coming days on account of rising international petrol quotations due to the social and political turmoil in the Middle East and Northern Africa. “We will only moderately adjust prices, taking international developments into account. We have followed the trend, yet not necessarily the peak prices over the past six years. There will be some price rises in the coming days,” SNP Petrom CEO Mariana Gheorghe told yesterday. According to data supplied by the National Institute of Statistics (INS), fuel prices rose over 15 per cent. Rising petrol prices will also pose a great problem for air carriers, the International Air Carrier Asso­cia­tion (IACA) said. According to its director, Giovanni Bisignani, the rise in crude oil will be partially offset by plane tickets becoming more expensive. For their part, stock exchanges saw drastic trading reductions due to tensions in Libya, one of the world’s top oil exporters, which could reverse a lengthy period of robust surge in Wall Street indexes.

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