Expensive fuel has not left petrol stations short on clients: Volumes down just 5%

Petrol and diesel oil prices were raised by over 20% in the first two months of this year compared with the similar period of 2010, but oil companies say volumes were down by up to 5%, although pump prices were hiked on six occasions, mainly because of the oil price highs.

The average petrol price between January and February 2011 was 22% higher than in the first two months of 2010, while one litre of diesel oil was 28% more expensive in the same period. "We estimate a slight decline in the volume of fuel sales in January-February 2011 against the similar period of last year, of up to 5%," say representatives of MOL Romania, the local subsidiary of Hungarian oil group MOL. The company has an 11% market share with a 126 petrol-station chain.

MOL estimates show that fuel sales continued the trend recorded last year, when the petrol and diesel oil sales decline amounted to 5%, according to the latest statements from market players.

MOL Romania did see a lower volume of sales last year, but the decline was less than the market average, of 2%. The company's turnover, however, went up by over 20%, to 560 million euros.