Orlen vows to maintain stable fuel prices despite Mid-East violence
Listed energy conglomerate PKN Orlen expects no increases in retail fuel prices in Poland in the coming weeks, despite crude oil prices spiking following the surge in violence on the Israel-Gaza border, CEO Daniel Obajtek told PAP.
Brent crude prices jumped by USD 2.25 to USD 86.83 a barrel on Monday morning owing to fears that instability caused by the conflict could spread across the Middle East.
"We are closely following the situation on the markets," Obajtek said. "The conflict in Israel indeed translated into a spike in crude oil prices, which just last week were going down, together with prices of diesel and gasoline," he added.
The Orlen Group CEO stressed that global commodity prices were always very sensitive to geopolitical factors.
"That is why we are applying the policy of price stabilisation (in Orlen – PAP) - if some unpredicted macroeconomic events take place, the fuel prices remain unchanged," Obajtek continued.
He said that Orlen looks at pricing policy from a long-term perspective, as stable prices are beneficial both to Orlen, as they ensure stable sales, as well as to the economy and to customers.
"Taking into account the current situation on the market, I would like to say that in the coming weeks we do not foresee increases in fuel prices at petrol stations," Obajtek said.
The head of Poland's largest state-controlled fuel firm maintained that Orlen will continue its pricing policy as "the stability of the economy translates directly into the stability of the concern," adding that Orlen has the potential to continue such a policy thanks to its diversified oil supplies, and the company's scale, among other factors.
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