Romanian OMV Petrom Prepares To Raise Fuel Prices - CEO

Romania's largest oil company OMV Petrom (SNP.RO) will raise its fuel prices in the coming days, following the increase of international crude oil quotations as a result of social and political tensions in the Middle East and North Africa.

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"We adjust our price moderately, by taking into account the international trends. We capture the trend and not necessarily the price peaks," Petrom's chief executive officer Mariana Gheorghe told a news conference.

Petrom's latest fuel price change took place on February 16, when the company raised its diesel oil pump prices by 0.07 lei (EUR1=RON4.2261) per liter.

In 2010, Petrom raised its diesel oil pump prices by 24%, from RON3.78/liter in January to RON4.7/liter in December.

Its gasoline pump prices rose 20% between January and December 2010, from RON4.02/liter to RON4.82/liter, the company said.

According to the National Statistics Institute, or INS, the fuel prices rose by over 15% in 2010.

The main fuel suppliers in Romania are OMV Petrom, Rompetrol, Lukoil and MOL.

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