The price of fuel in Romania depends on the quotations of the international markets and competition among producers. Another factor affecting price is the fiscal policy and the evolution of the USDRON exchange rate. The price hikes that have occurred since the beginning of the year have been caused by the rising crude prices on the foreign markets since the beginning of the year, Petrom officials said. In Q1 2010, the price of gas on the international markets has increased 7.4%, while the price of Diesel fuel increased 5.5%, they said.
The officials of the company said that Petrom raised the price of gas by 0.7% in Q1 2010, and that of diesel oil by 1%. The domestic rise in the price of oil products is way has lagged behind the rise in oil and fuel prices on the international markets.
"Rompetrol" officials said: "Given the fact that the Rompetrol Group gets all its crude from abroad, Rompetrol Downstream - the retail division of the group, has continued to hike prices in Q1 2010, in line with the rising prices of crude, as well as of gas and Diesel fuel".
Since the beginning of the year, the company has raised the price of its "Efix" gas by 7.15%, and the price of Efix Diesel by 6.45%, after the price of gas and Diesel fuel increased 6.17%, and 11.23% respectively on the foreign commodities markets. Other foreign factors which are outside the control of the company, such as the exchange rate and the decrease of the Brent Ural differential also had a significant influence on the price of fuel".
According to "Petrom" and "Rompetrol", taxes account for around 50% of the price of gas and Diesel oil paid by consumers. The latest increase in gas prices happened on January 1st 2010, when the excises in Euros were hiked. The excise in Euros was increased by 3.6% for unleaded fuel and by 3.2% for Diesel fuel (see chart). In lei, the excise for unlead