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There is no cartel, D. Lefkaritis says

11/08/2005 10:07
The uniformity in the price of fuel in the gas stations is attributable to the competition and not to a cartel, Petrolina Executive Manager, Dinos Lefkaritis said in his interview to StockWatch. “While competition grows, prices will follow a downward trend. In the near future, however, consumers have to deal with the impacts from the sharp increase in the price of oil worldwide and the strengthening of the dollar”, he added.

Mr. Lefkaritis also stated that the course of prices is unpredictable and his company does not buy oil in advance.

But if prices (and cost) reflect the international prices, how has Petrolina increased this year’s profits? Mr. Lefkaritis believes that the comparison of this year’s results with the results of previous years is not effective since the regulations on the basis of the PNBS system had distorted the Company’s profitability.

Mr. Lefkaritis also referred to corporate governance issues and commented on the criticisms against his company and the state’s intention to launch an oil company. “We are open to challenges”, he concluded.