Szabolcs Ferencz, country retail manager with MOL Romania, the fourth largest player on the domestic oil market, says the existence of some domestic hydrocarbon reserves cannot influence pump prices and the states that keep the prices per petrol litre under control are making a major mistake.
Ferencz’s statements come at a time when fuel prices have reached a record high after five hikes since the start of this year, although oil prices have not hit the 147- dollar threshold of the 2008 summer.
Moreover, the price increases came as Romania holds oil reserves, having to import just around half of its consumption necessary.
At the same time, several analysts stated that should price hikes continue, they are likely to hurt the still fragile economic recovery.
However, under the circumstances, oil companies are reporting good financial results on fuel price increases, though demand has shrunk.
“Who has and who doesn’t have oil has no impact over prices. If a country holds resources, the company extracting them will sell them at international prices. Having controlled prices is bad as it cuts the value of national resources,” says MOL Romania head.

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