Romanian Oil Cos Cut Pump Prices On Tax Reductions

Romanian oil company OMV Petrom (SNP.RO) reduced fuel pump prices Tuesday by 0.04 lei per liter (EUR1=RON4.2684), since the Government reduced the number of taxes collected on fuel, Petrom announced.

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"Given the reduction of taxation by $0.01 per liter, since authorities stopped collecting the tax for the special oil products fund, the price of fuel in OMV and Petrom gas stations will decrease by RON0.04 per liter starting with January 25, 2011," the company said in a news release.

The oil company added taxes represent some half of the price of fuel, but companies in Romania apply some of the lowest fuel prices in the EU.

Oil company Rompetrol said it will reduce prices too, by RON0.03, since the tax was removed.

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