Romanian Petrom Pins Fuel Price Hikes Only On Tax, US Dollar, Intl Oil Prices - financiare.ro
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News » January, 2011 » 27 January 2011

Romanian Petrom Pins Fuel Price Hikes Only On Tax, US Dollar, Intl Oil Prices
27.01.2011, 10:48 | Energy | 824 views



Romanian oil company OMV Petrom (SNP.RO) Wednesday said the fuel price changes were only due to tax raises, mainly the sales tax, to international oil prices and to the US dollar's exchange rate, rejecting local tax authorities' claims of unjustified increases.

Petrom's announcement came after the Romanian tax authority ANAF said in a report that fuel pump prices were unjustifiably increased throughout 2010. ANAF also noted that, despite the large price increases, the local oil companies reported losses.

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