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Concordia: There are no premises for a rapid rise in fuel prices

11 March 2022
Consumers
Energynomics

We are witnessing an unjustified panic that has been reflected in queues at gas stations, despite the fact that there are enough reserves and no premises for a rapid, overnight increase in fuel prices, according to the Concordia Employers’ Confederation.

“The Concordia Employers ‘Confederation, which has among its members The Oil and Gas Employers’ Federation, which represents companies in the energy, oil, gas and energy mining sectors in Romania, makes the following clarifications: we are witnessing an unjustified panic that was reflected in queues at gas stations, in spite of the fact that there are sufficient reserves and no supply problems. The price of fuel is determined by the quotations of crude oil and petroleum products, which are affected by the current geopolitical context. Oil prices have risen significantly in recent times, which is reflected in the worldwide fuel price,” the organization said in a statement.

According to the quoted source, Romania is following the same trend, but local prices are below the European average.

“Both increases and decreases in quotations are reflected in pump prices. In the first part of 2020, crude oil quotations were at about 30 USD/bbl, and the pump price was about 5 lei. At present, crude oil prices have reached a maximum value of the last 14 years, of 120 USD/bbl. Analysts expect oil prices to fluctuate in the long run, but it is difficult to predict the level of quotations or even the direction of change. At the moment, there are no preconditions for a rapid increase, overnight, in prices, nor supply problems that would worry Romanian consumers,” it is specified in the quoted document.

On Thursday morning, Prime Minister Nicolae Ciuca met with the Minister of Energy, Virgil Popescu, and the Minister of Economy, Florin Spataru. The meeting at Victoria Palace was attended by the President of ANPC, Horia Miron Constantinescu, the President of the Competition Council, Bogdan Chiriţoiu, and the President of ANAF, Mirela Călugăreanu, the Government Press Office informed.

”The Romanian state has an obligation to protect its citizens, to protect the economy, especially in this complicated period caused by the Russian military invasion of Ukraine. I will not allow anyone to take advantage of this situation to try to destabilize the country’s economy and the lives of its citizens out of greed or any other reason. The responsible institutions will be firm in the checks they have to make and will give drastic sanctions to those who break the law,” the prime minister said, at Victoria Palace.

Autor: Energynomics

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