Fuel prices have started to rise again in Romania. The wave of price increases has spread to almost all major gas station networks. After the increases made on Tuesday by Socar and Rompetrol for diesel, on Wednesday both gasoline and diesel were raised in most stations, against the backdrop of geopolitical uncertainties and tensions in the Black Sea region.
On Tuesday, Rompetrol raised the price of diesel by 5 bani per liter, while Socar raised it by up to 10 bani per liter, while gasoline remained unchanged.
The move came after authorities in Kazakhstan called for an end to drone attacks on tankers carrying Kazakh oil through the Black Sea and warned that they might seek compensation for damages to the ships. Approximately 80% of Kazakhstan's oil exports pass through the Novorossiisk terminal, which has been repeatedly close to drone attacks.
Market leader raised prices by 15 bani per liter
On Wednesday, OMV Petrom, the market leader in fuel in Romania, raised both gasoline and diesel prices by 15 bani per liter.
According to Profit.ro, following the price increase, gasoline reached 8.87 lei/l at Petrom stations and 8.93 lei/l at OMV stations, while diesel costs 9.64 lei/l and 9.70 lei/l, respectively.
The increase by OMV Petrom is significant because the market leader often sets the tone for price movements at gas stations. In the past, other networks have usually followed the price changes made by the company, although not always on the same day.
Geopolitical uncertainties are visible at the pump
According to Profit.ro's analysis, the price hikes are fueled by ongoing geopolitical uncertainties that continue to affect the oil market. Attacks on infrastructure and vessels in the Black Sea region, through which a large part of Kazakhstan's oil exports transit, have heightened concerns about supply and put pressure on oil product prices.
The new increases come against the backdrop of geopolitical tensions that have increased the volatility of international oil prices and fueled fears of possible supply disruptions. In the coming period, pump prices will largely depend on the evolution of the security situation in the Black Sea region and international oil prices.