The retail price of petrol in Romania has reached a new record high.

Axar.az reports, citing Romanian media, that on September 12, a liter of standard petrol was being sold for 9.97 lei at some OMV fuel stations. The nationwide average price was around 9.88 lei, while diesel was priced at approximately 10.35 lei per liter.

The increase in fuel prices comes amid a sharp rise in international oil prices. Brent crude has climbed above $106 per barrel. Rising geopolitical tensions in the Middle East, risks surrounding the Strait of Hormuz and concerns over oil shipments are among the main factors affecting prices on global markets.

Romanian media report that rising international oil prices are quickly affecting the domestic fuel market. Alongside crude oil prices, refining costs, logistics, taxes and excise duties also influence the final retail price.

Higher petrol and diesel prices could also drive up the cost of other goods and services by increasing transportation and logistics expenses. As a result, developments in energy markets are being closely monitored for their potential impact on inflation in Romania.

It should be noted that rising global oil prices create additional costs for energy-importing countries, while potentially increasing export revenues for oil-producing states.