Petrom increases gasoline price in Romania while analysts foresee an upcoming price drop

Oil and gas company Petrom has upped the price of gasoline by an additional RON 0.06 per liter, according to the Romanian media. There was also a previous price increase in February. Prices vary between RON 5.9 and RON 6.2 depending on the type of gasoline.

Competitor Rompetrol increase gasoline prices two weeks ago by RON 0.14 per liter, to RON 5.9 and RON 6.58, depending on the type of product. Representatives of oil and gas companies in Romania – Petrom, Rompetrol, Lukoil and Mol recently met the Economy Minister to discuss how the price of gasoline is calculated, according to Romanian media, but the meeting had no concrete results. Meanwhile, analysts say an actual drop in the price of gasoline should be on the cards. “From March 1, when the price of oil reached its peak this year and until last Friday, the RON lost 1.41 percent against the USD, the currency for pricing oil. Considering the depreciation of the national currency and the 7.44 percent drop in oil prices, it seems logical to have a drop of around 6 percent in the price of gasoline, which should be visible within a couple of weeks,” said Claudiu Cazacu, head analyst of X-Trade Brokers. The price of oil reached the USD 128.36 per barrel at the beginning of march this year. editor@romania-insider.com