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Moldovan analysis centre says oil companies very reluctant to decrease prices

21-12-2011

Moldovan oil companies are very reluctant to decrease prices in order to subsequently reason slight price increases, according to the authors of a survey on the Moldovan oil market. The survey was unveiled at a roundtable the Expert-Grup Independent Analytical Centre organized today. Fuel prices "are the most rigid in Moldova as compared with the countries from the region". Any change of prices for petrol, diesel oil and liquefied gas implies a double impact both on the residents who buy directly at fuel supply stations, and on enterprises, and especially on agricultural producers an author of the survey, economic researcher Adrian Lupusor has said. Lupusor said the duty of the National Agency for Regulation of Energy (ANRE) resides only in checking whether the current prices meet the established formula, and the included spending is justified. The methodology has proved its inefficiency against a background of an amorphous system competition and a deficient regulatory framework. The companies may afford to include in the price many expenses that are not related to the basic activity, in order to decrease the profit rate, the expert also said. The average profit rate in this sector was about 1-3 per cent in 2009-2010, and was much under the maximal ceiling in the years before this crisis. ANRE director-general Victor Parlicov said the oil products' price is influenced by the region price in Moldova, as the latter has no oil reserves. "We have two big international players on the market - Lukoil and Petrom - which import oil products and set the prices depending on the Plats value from international exchanges. Obviously, the ANRE supervises that the companies' profit do not exceed 10 per cent and that the companies do not include in the fuel price the investments made in the construction of fuel supply stations and preservation of fuel reserves," Parlicov also said. He stressed that, although the oil companies have different costs for the import of oil products, they poster the same price on panels, while the cuts for those buying tickets amount to 5-12 per cent. The survey's author described the requirements to the oil companies as exaggerated. He said the latter are obliged to have a minimal stocking space of 5,000 cubic metres and a minimal level of private capital of 8 million lei. This leads to a high degree of market concentration, especially of the retail market. In the first nine months of 2011, the petrol price went up by 17.3 per cent, reaching a historical record high of 16.6 lei per one litre after four rises last May, while the sales dropped by 6 per cent, the ANRE said. In January-September 2011, the diesel oil price increased by 24.7 per cent, reaching an average of 14.66 lei per one litre, and the liquefied gas price stood at 7.5 lei for one litre following a 15.4-per-cent rise in the first nine months of 2011.

MOLDPRES


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