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January 27, 2023

Fuel price back to levels prior to EUR 0.07 excise

The global oil market favors very advantageous fuel prices at the pump in most of the regions of the world. Thus, the drop of the Brent crude price to below USD 100 and for several weeks now to around USD 80 per barrel, has led to a significant price reduction for fuel consumers.
In Romania this phenomenon means that the price of a liter of gasoline is similar to the level registered at the end of March 2014. Thus, the price at the pump has absorbed the EUR 0.07 excise that the government introduced on April 1.
Thus, in many gas stations belonging to Petrom the price of a liter of gas currently stands at RON 5.80 – 5.90, and the price of a liter of standard diesel oil has reached RON 6.
The downside is that fuel producers see their profits diminished and are consequently taking the appropriate measures. The same Petrom, member of OMV Group, has already announced that some of its development investments will be lowered. In the first nine months of the year Petrom registered a net profit of RON 2.407 bln, down by 34 per cent compared to the same period last year when the profit stood at RON 3.66 bln.

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