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Romanian fuel prices increase higher "than the European average"

Romania, last year, the pump price of gasoline increased by 28 percent, while that of diesel by 34 percent. In Europe, only Greece and Sweden saw increases higher than Romania.

Romanian fuel prices increase higher "than the European average"
Photo: Archive Agerpres.

Articol de Iulian Olescu, 07 Ianuarie 2011, 11:01

Fuel prices are on a nearly uninterrupted uptrend for the past two years in our country.

According to the European Commission statistics, our country is leading the EU in the prices of petrol.

Only Greece and Sweden have managed to surpass the record increase in fuel costs that have faced the Romanians.

In 2010, the total rises to high prices by 28 percent.

Diesel was more expensive and more pronounced, reaching to cost 34 percent more than in 2009, and 2011 began with the increase in fuel duty, which raised the price of money at the pump by nearly 6 per liter.

Romania top oil companies increased only four times last December by the charges, and January 1st, 2011 has recorded a new increase, because of enlargement of their rates.


Bad news on international markets


Oil prices reached a value these days very close to the highest level in over two years and three months.

In addition studies and analysis conducted by institutions such as the U.S. Department of Energy or International Energy Agency indicate that this year global oil consumption will grow by over 1.5 percent while global production will rise by only 0.9 percent.

What influence will increase fuel prices on the prices of other products and services , economic analyst, Răzvan Voican, deputy editor of the newspaper Financiar said that ‘ brutal rise in the price of fuel put excessive strain on the economy in this period , especially that manufacturers generally have a very narrow space to maneuver even improve efficiency.

Also, Răzvan Voican believes that because of very low demand, ‘it’s unlikely anyone will dare to pass these increases in final prices to consumers’.

More, economic analyst pointed out that this may cause a series of business companies to reach solutions such as staff redundancies, to manage to stay afloat and to absorb the increase driven by higher fuel costs.

Oil prices worldwide have had a sinuous evolution in recent years.

Once, in mid-2008, it reached the highest value of all time, over 147 dollars at the end of that year to register a record low of only $32.4 per barre , amid the global demand reduction the effects of global financial crisis.

In 2009, prices again rose sharply, by over 75 percent, and last year marked a new increase , this time by 15 percent.


Translated by: Denisse-Meda Bucura
MA Student, MTTLC, University of Bucharest

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