Filipović: Petrol is profitable and not in trouble

The Minister of Economy and Sustainable Development Davor Filipović stated that Petrol is operating profitably and dismissed Petrol’s reasons for today’s closure of gas stations in Croatia from noon to 1 PM.

In a statement to reporters after the meeting of the council for the introduction of the euro, he reported that he met this morning with Petrol’s management, and that Petrol is seeking an increase in trading margins and the abolition of price regulation.

– I must say that I am unpleasantly surprised by such behavior from Petrol, as I personally communicated with Ina a few days ago, and my closest associates with Petrol, in a way that if there is stabilization in the Mediterranean market, the margins would return to the level from June when they were 75 lipa – says Filipović, adding that ‘this is not enough for them’.

He emphasizes that trading margins in Slovenia are 75 lipa and that the possibility of having similar margins in Croatia is being considered, but that Petrol wants higher margins.

– However, they would like much higher margins, margins of one kuna – says Filipović.

Regarding Petrol’s claims that it cannot operate in Croatia under current conditions, he stated that Petrol reported almost 100 million euros in profit before interest, taxes, and depreciation for the first nine months of this year.

– This clearly suggests that they are not in any serious trouble – says Filipović.

He also reminds that prices for premium fuels are not regulated in Croatia, and companies can set prices as they wish.

He asserted that the government is preserving the standard of living for citizens through interventions in fuel prices.

He recalls that he bought Crodux for 191 million euros. 

– At that time, there were different margins (…) They took over Petrol and had that large investment which is not returning at the pace they envisioned – says Filipović.

He concludes that the government will not “allow anyone, including Petrol, to deeply reach into the pockets of our citizens during this difficult crisis, but will do everything to protect citizens and the economy, while maintaining a balanced relationship with representatives of the oil industry”.

He emphasized that Ina has secured sufficient quantities of petroleum derivatives for the upcoming period, and that any potential lawsuit from Petrol would have no basis since all government actions are legal.

Petrol closed its sales points in Croatia on Wednesday from 12:00 to 1:00 PM in protest against government measures regulating fuel prices.

Petrol’s sales points in Croatia operate under that brand and the Crodux brand.

Petrol estimates that the damage from the regulation of petroleum derivatives in Croatia for 2022 amounted to 45.6 million euros.