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Romania’s Petrom To Cut Diesel Oil Pump Prices By RON0.04/Liter

Romania’s largest vertically integrated oil company Petrom (SNP.RO), owned by Austria’s OMV (OMV.VI), cut Monday its diesel oil pump prices by 0.04 lei (EUR1=RON3.5483) per liter, and kept the same tariffs for the gasoline, the company said in a statement.
Romania’s Petrom To Cut Diesel Oil Pump Prices By RON0.04/Liter
18 aug. 2008, 12:46, English

One liter of Petrom’s Top Euro Diesel 4 will cost RON4.2, while one liter of OMV Sprint Diesel will cost RON4.25 per liter.

Petrom’s OMV Premium Diesel will cost RON4.53, and Euro Diesel 4 will cost RON4.14 per liter, the company said.

The pump prices on Petrom’s gasoline remained unchanged.

Petrom’s price policy takes into account international oil prices but also the local market evolution. The company operates some 450 gas stations in Romania.

Petrom is the largest corporation in Romania and the largest gas and oil producer in Southeastern Europe. In December 2004, Petrom was privatized and became a part of OMV AG (OMV.VI), which is the majority shareholder.

International oil prices, which affect the fuel price, rose by 50% since the beginning of the year, and doubled compared with the corresponding period a year earlier, hitting a historic record of over $147 per barrel on July 11. On Tuesday, the price of the oil barrel exceeded $115.