Rompetrol Sees Romanian Fuel Pump Prices Up By 7% In ‘10

Romanian fuel pump prices are likely to grow by 5% to 7% on the year to an average of 4.2 lei (EUR1=RON4.2778) per liter in 2010, on earmarked excise duty increases and potential higher crude oil prices, Rompetrol Downstream said Thursday.

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The retail arm of Romania's second biggest oil group Rompetrol estimated average crude oil prices might be at $80 per barrel in 2010.

"The external factors, which cannot be controlled and which have a significant influence on pump prices, are the exchange rate, excise duties and crude oil prices," said Iulian Antonache, commercial manager at Rompetrol Downstream.

Rompetrol Downstream forecasts the Romanian leu will reach a median of around 3 units per US dollar and of 4.2-4.3 units per euro in 2010.

Antonache said 45% of the fuel pump prices represents taxes and excise duties and the latter are expected to increase by 18% in 2010.

"As of January 1, 2010 the gasoline excise duty increases to EUR452/ton from EUR436/ton, while the diesel duty rises to EUR347/ton from EUR336/ton," he added.

Rompetrol Downstream operates 745 gas stations and 250 LPG retail units in Romania.

It reported a 9% increase in its nine-month sales, boosted by a 44% annual rise on the wholesale segment.

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