Fuel prices rise ahead of holidays – November 2022 update

The pre-holiday period in late 2022 brought disappointing news for Romanian drivers. After Petrom raised gasoline by 4 bani per liter on November 3, 2022, the following day saw further price hikes, as a direct result of the volatile Brent crude price on international markets.

These pump-price movements reflect the complex dynamics of the global energy market, influenced by major geopolitical and economic factors.

Evolution of crude oil price and impact on the local fuel market

Brent crude showed dramatic moves in the first week of November 2022. On November 3, the price closed lower, near $95.85 per barrel; the next day, a sharp rebound lifted the price to $97.75.

These upward moves were driven by several factors:

• Strengthening of the US dollar: The rise in U.S. Treasury yields supported the dollar
• Favorable stock data: Weekly API and EIA releases showed a tighter-than-expected situation
• Positive technical analysis: Brent crude price remained in an upward development channel

Industry experts warned that a close below the $95.20 per barrel threshold could negate the upward impulse, but the favorable movement supported the uptrend.

Fuel price situation in major cities

The international rising trend quickly reflected in the prices charged by Romanian oil companies. Analyzing the situation on November 4, 2022, price differences between operators and cities were significant.

Bucharest - epicenter of price fluctuations

In the Capital, the spectrum of fuel prices showed the following configuration:

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Benzine standard:

• LUKOIL: 7.00-7.05 RON/l (the most competitive prices)
• PETROM: 7.05-7.11 RON/l
• OMV: 7.09-7.20 RON/l
• SOCAR: 7.14 RON/l
• ROMPETROL: 7.15-7.20 RON/l
• MOL: 7.16-7.20 RON/l

Benzina premium:

• LUKOIL: 7.17-7.75 RON/l (a wide price range)
• PETROM: 7.51-7.57 RON/l
• SOCAR: 7.74 RON/l
• OMV: 7.75-7.86 RON/l
• ROMPETROL: 7.79-7.84 RON/l
• MOL: 7.81-7.86 RON/l

Motorina standard:

• LUKOIL: 8.41-8.44 RON/l
• PETROM: 8.44-8.47 RON/l
• ROMPETROL: 8.46-8.51 RON/l
• MOL: 8.47-8.55 RON/l
• OMV: 8.48-8.55 RON/l
• SOCAR: 8.49 RON/l

Motorina premium:

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• LUKOIL: 8.77-8.80 RON/l
• PETROM: 8.80-8.83 RON/l
• SOCAR: 8.89 RON/l
• OMV: 8.99-9.06 RON/l
• MOL: 8.98-9.05 RON/l
• ROMPETROL: 8.78-9.01 RON/l

Cluj-Napoca - prices similar to the capital

In the country’s second-largest city, prices were comparable to those in Bucharest:

Most competitive prices for standard gasoline:

• LUKOIL: 7.03 RON/l
• PETROM and SOCAR: 7.09 RON/l
• ROMPETROL: 7.12-7.16 RON/l

Standard diesel: 8.44 RON/l (LUKOIL) to 8.53 RON/l (OMV, MOL).

Timisoara - moderate variations

In the western part of the country, prices showed a balanced distribution:

• Benzina standard: between 7.01 RON/l (LUKOIL) and 7.16 RON/l (ROMPETROL, OMV, MOL)
• Motorina standard: from 8.44 RON/l (LUKOIL) to 8.58 RON/l (OMV, MOL)

Historical context of the gasoline-diesel price gap

October 2022 marked a historic moment for Romania’s fuel market. For the first time in the country’s history, the largest gap between gasoline and diesel prices was recorded, with dramatic consequences for drivers’ budgets.

Devastating economic impact

In just 10 days, the cost of a full diesel fill rose by 55 RON, a significant amount in a country near the bottom of EU income rankings. Even with the government compensation of 0.50 RON per liter of fuel, the impact was felt strongly:

• Diesel in Bucharest: 8.82-8.94 RON/l on October 20, 2022
• In Ilfov (Mogoșoaia): up to 9.27 RON/l – a notable difference from the Capital

Determinant factors of the crisis

This dramatic situation resulted from the convergence of several major factors:

1. COVID-19 pandemic: Disrupted global supply chains and created imbalances in the energy market
2. Military conflict in Ukraine: Generated uncertainty in energy markets and affected transport routes
3. Global inflation: Raised costs for all goods and services
4. Economic disparity: Romania, with incomes lower than the EU average, felt these increases more acutely

Forecasts and recommendations for consumers

Experts warned that the pre-holiday period would not bring meaningful improvements to the situation. The upward price trend was supported by structural factors that could not be resolved in the short term.

Strategies for saving for motorists

1. Price monitoring: Comparing offers across stations can yield savings of 0.10-0.20 RON per liter
2. Trip planning: Grouping trips can reduce total consumption
3. Preventive maintenance: A well-maintained engine consumes less fuel
4. Driving style: Efficient driving can reduce consumption by 10-15%

The November 2022 situation underscores how vulnerable the Romanian economy is to external shocks and highlights the need to diversify energy sources and develop a long-term energy policy that protects consumers from such dramatic fluctuations.