Romanian companies cut the pre-tax fuel prices by about 20%, similarly to other European countries.

The drop in the oil price triggered this reduction, said Bogdan Chiritoiu, president of the Competition Council, cited by local Mediafax. The oil price went down by 48% in 2014, the biggest drop since the financial crisis in 2008.

The Organization of the Petroleum Exporting Countries (OPEC) decided not to reduce the oil production, to keep up its market share. OPEC supplies 40% of the needed oil worldwide.

Prime Minister Victor Ponta asked the Transport and Finance Ministers at the beginning of January to discuss  fuel prices with oil companies. These should reach a “correct and reasonable” level, the PM said.

editor@romania-insider.com