Romanian Fin Min, Fuel Prod, Traders To Have Talks On Price Hike

Representatives of Romanian Ministry of Economy and Finance will have talks with fuel producers and traders on increasing prices, Romania’s Finance Minister Varujan Vosganian said Monday.

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Vosganian said they will mainly have talks with oil companies selling products made of Romanian raw material, as Romania benefits from the lowest royalties in Europe, resulted from the privatization contract of Romania’s largest vertically integrated oil company Petrom.

The minister said the low royalties are not mirrored in prices as companies aim at maximizing their profits based on international oil prices.

Vosganian said he will ask for a dialog with the business environment, without breaking market rules, adding that they will also analyze the 2007 results of oil companies.

"It would be fair for the profits not to be the result of higher prices. Only a fair relationship with consumers can lead to stable long-term profit," Vosganian said.

Vosganian also said he disagrees with the requests of Romanian gas distributors on a 20-30% price hike as well as with increasing electric power prices as of July 1.

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