Romanian Diesel Fuel Prices Grow Because Demand Is High - OMV Petrom

The increase in diesel fuel prices comes from increased demand for this product, as Romania produces less of this fuel than it consumes, Wednesday said Mariana Gheorghe, chief executive officer of oil company OMV Petrom (SNP.RO).

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"Demand for diesel has increased and the prices reflect demand and supply. In Romania we produce less than demand. (The increase in diesel fuel prices) is a global trend," Gheorghe said.

Back in December 2009, Gheorghe said the fuel consumption would decrease in the medium- and long-term, since refinery capacity outweighs demand on a global level, including in Romania.

OMV Petrom, a company owned by Austrian oil and gas group OMV, has two refineries. However, only one of the two refineries is working, namely Petrobrazi Ploiesti.

The refining capacity of Petrobrazi was reduced to 4.2 million tons per year, from 4.5 million tons per year. In 2009, Petrom explained this decision through a reduction in fuel consumption.

Furthermore, the company decided to shut down the Arpechim Pitesti refinery, which has a processing capacity of 3.5 million tons per year. The refinery will now become an oil storage facility.

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