Panic on the fuel market

Fuel market settles after Romanian authorities halt attempts by some suppliers to take advantage of rising oil prices.

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Ştefan Stoica, 11.03.2022, 14:00

A photograph that circulated on social media this week showing 2.2 euros per 1 litre of petrol at a petrol station in the west of the country caused much panic in Romania. Despite a price rise as a result of the war in Ukraine, Romanians could still buy their petrol at 1.6 euros per litre. Long queues thus formed reminiscent of the communist era, when petrol was rationed. The fear of rising petrol costs even took dangerous forms, as some people filled not only their cars fuel tanks, but also other recipients, such as water reservoirs with a capacity of 1,000 litres that were unfit for transporting fuel.

The authorities immediately began to give assurances that Romania is facing no problem with fuel stocks and that there is no reason for prices to explode. They began to carry out inspections at the chains that sell petrol and to levy fines. The Inspectorate for Emergency Situations is also carrying out checks in cases where people bought and stored petrol in improvised recipients, which is not allowed under the law.

The energy minister Virgil Popescu said people should not be afraid petrol stations will run out of petrol, after two big producers of oil products gave assurances that they have enough fuel stocks, enough even to supply all petrol stations around the country. The minister has blamed the panic on disinformation, of which there has been a lot recently:

“There is also no reason why prices should explode, as has happened, and thats regrettable, as is the whole attempt at manipulation. Were in a complicated situation, theres an armed conflict on the Romanian border following the aggression of the Russian Federation against Ukraine, and I personally believe that this was all part of a hybrid war.”

Prime minister Nicolae Ciucă has called for those responsible for the unjustified rise in petrol costs to be held accountable and for the most severe penalties to be inflicted:

“I wont allow anyone to take advantage of this situation and, out of greed or for any other reason, to try to destabilise the countrys economy and citizens lives. The institutions in charge will be firm in their checks and will apply drastic penalties on those who break the law.”

Inspections have been carried out at petrol stations, wholesale suppliers and the companies involved not only by consumer protection agencies, but also by the tax offices anti-fraud directorate. They found that existing stocks, whose price was already set, began to be sold at higher prices. The situation has calmed down in the meantime, both on the fuel market and among the population, with the price of petrol now between 1.6 and 1.8 euro per litre. (CM)