OMV Petrom: gas price increase triggered by international quotation and depreciation of local currency

The increase in gas prices in Romania was caused by the international quotations and by the depreciation of the Romanian leu against the dollar, according to oil and gas company OMV Petrom, who issued a statement on Wednesday. The price of gas was up 20 percent last year, while the price of diesel oil grew by 24 percent in 2010, according to OMV Petrom. "The prices used by Petrom have evolved based on the international quotations for fuels, as well as based on the market competition. Moreover, the prices are also influenced by the fiscal policy and by the exchange rate. The tax component in the price of gas makes for half of the price. Petrom reflects the international quotations in a moderate manner,” reads a statement issued by the company, in response to recent media reports on the hike in gas price. Romanian media has recently reported, quoting Governmental documents, that the Romanian officials are planning to look into how oil and gas companies calculate the price of gas and how they reported their profits. "We won't comment the information in the media related to oil companies. We are a listed company, with a high level of transparency, and the result of our activity, our price policy, as well as other relevant information have been communicated exhaustively,” the OMV Petrom statement goes on. Petrom is the largest tax payer to the consolidated state budget, a contribution which reached EUR 9 billion in the last five years and nine months. In 2009 only, Petrom's contribution made 12 percent of the state budget. The calculation of these obligations and their payment is made legally and on time. Petrom is the biggest investor in the energy sector and our investments reached over EUR 6 billion in the last five years and nine months,” according to the company. editor@romania-insider.com