Higher prices for fuels as higher excise duties enforced today

Friday, September 15, is the first day set by the government to increase the excise duties for petrol and diesel fuel by RON 0.16, it is to be followed by another similar step on October 1.

On August 30 the Government approved the ordinance to amend the Tax Code and to increase the excise duties for petrol and diesel fuel in two steps: September 15 and October 1 by RON 0.16 per litre, in force until 2022.

Friday morning the fuel prices at the gas stations were by RON 0.10 higher.

The transporters in Romania, mainly UNTRR, have asked the executive not to increase the excise duty, warning they might refuel abroad and could stage protests.

The Government assured the transporters the fuel prices will not increase after implementing the higher excise duties, otherwise it would review the over-excise redemption scheme.

The SMEs association warned on September 5 the prices have already grown

Romanian Commercial Bank (BCR) Chief Economist Horia Braun warned in late August that the increase of the excise duty for fuels could boost the inflation rate by about 0.4 percentage points and could bring along the risk of further increases of tariffs for electric power.

In the latest period, the international oil price has increased on the markets from USD 49.53 per barrel (August 30) to USD 53.63 per barrel (September 13).