Romanian oil firm Petrom has announced new, lower prices for the oil products sold across its retail network. The price of the petrol sold in Petrom and the company's PetromV-branded filling stations have been decreased by RON0.05 per liter, the company revealed.

The price reductions, effective as of August 18, 2007, were made following a decrease in the international quotations of fuel products, adapted to the market conditions in Romania, Petrom commented.

Petrom said that its prices policy, which was taken up at the beginning of 2005, depends on the international developments of oil product prices, but also on the domestic market context.

Petrom owns around 500 Petrom filling stations in its domestic market. Of these filling stations, 75 operate by a modern concept, introducing international quality standards, PetromV, said Petrom, which is a member of Austrian oil and gas player OMV.