Romanian PM Emil Boc: Rising fuel prices are bad effect of cession of Romania's oil reserves

The rising gasoline prices are a bad effect of the fact Romania’s oil reserves had been ceded in an unfavorable contract, Romanian PM Emil Boc said on Tuesday, quoted by Mediafax. He said the only tool at the hand of the government was to continue checks on the market through the fiscal authority and the Competition Council.

He said he would not get involved in „political attacks”, but mentioned a contract „somebody else” concluded with Petrom in 2004.

His statement comes as OMV Petrom decided on Tuesday to rise gasoline and diesel prices again, with top products reaching 5.96 RON/liter.

According to National Statistics Institute data, fuel prices rose by more than 15% last year, following a 13% increase in 2009. Starting the beginning of 2011, oil companies rose fuel prices six times. OMV Petrom, Rompetrol, Lukoil Romania and MOL are the main fuel distributors on the local market.