The minister told a news conference that the oil price decrease is offset by the increase of consumption and this is “no tragedy” for Romania.
Gerea said that oil companies have no reason to decrease pump prices as long as the consumption is at a high level, when asked about the difference between oil prices and pump fuel prices.
The minister added that two of the main challenges for Romania at the moment are the old energy infrastructure and the volatility of fossil fuel price.
Mineral resources agency ANRM announced in July that the new royalty system, drafted by the mineral resources agency and the Finance Ministry, will be debated in Parliament in the fall session and will come into force on January 1, 2016.
Romania cashed royalties of RON1.64 billion (EUR370 million) last year, of which RON1.36 billion from oil companies. The bulk of royalties are paid by Romgaz and OMV Petrom.