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May 12, 2021
BUSINESS

Petrom follows Rompetrol and hikes gasoline price by RON 0.06

Petrom has hiked the price of gasoline by RON 0.06, realitatea.net informs. The previous price hike took place in February. The price grew by RON 0.06 although it should have dropped by 6 per cent, a money.ro analysis shows.  Petrom’s Premium 95 gasoline that had a cost of RON 5.71 per liter on April 21 now has a cost of RON 5.77, pretbenzina.ro shows. On April 10 Rompetrol hiked the price of gasoline by RON 0.14 per liter. Its popular Efix brand has a price of RON 5.94 per liter.  In other developments, the price of oil dropped by 7.44 per cent after registering the highest level this year in March. The price drop can be explained both through the investors’ relaxation in what concerns the risk of escalation in the Iran crisis and through unfavorable signals concerning world economy. In what concerns Romania, from March 1 (when the oil reached the highest price this year) to last Friday the RON dropped by 1.41 per cent against the USD, the currency in which oil is traded. “Taking into account the depreciation of the national currency and the 7.44 per cent drop in the price of oil, a cut of approximately 6 per cent in the price of fuels seems logical, provided there is full correlation between market movements and prices, whose effect should be visible in several weeks’ time,” Claudiu Cazacu pointed out.

Competition Council Vice-President supports fuel pricing formula

A publicly available fuel pricing formula as intended by the Government would not, in itself, solve the issues identified on the market, but would be a better step than the price freeze for limited time as suggested a year ago, Mircea Valentin, Vice-President of the Competition Council, said yesterday, according to HotNews.ro. ‘I hope there is a benefit in that formula, I hope it gives clarity and some sort of retail price predictability, to prevent allegations or the possibility of companies to raise or decrease price as they like’, the Competition Council Vice-President also said. He pointed out that, while not perfect, the measure would be better in dealing with issues raised on the market than a time-limited price freeze.

Petrom production drops slightly in Q1, while gas sales increased

OMV Petrom’s oil and natural gas production dropped slightly in Q1, but the company’s natural gas sales rose as a consequence of low temperatures, a report presented on Tuesday by Austria’s OMV Group shows, Mediafax informs.  Thus, cold weather affected OMV Petrom’s production but hiked the demand for natural gas, the company reporting hikes in the quantities of natural gas drawn from storage sites. OMV Petrom also managed to improve its profit margin on the natural gas segment, thanks to the natural gas imported and stored before the onset of winter and, to some extent, to the more favorable contracts on the internal market.  Thus, Petrom’s natural gas sales totalled 17.32 TWh in Q1, compared to 16.23 TWh in Q4 of last year and 16.5 TWh in Q1 of 2011. Petrom’s oil and natural gas production totalled 184,000 oil equivalent barrels per day in Q1, down from 186,000 oil equivalent barrels per day in previous periods.

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