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Polish refiners bemoan grey market's strength

PR dla Zagranicy
Aleksander Nowacki 26.03.2015 17:56
Polish refiners are being pushed out of the market by illegal fuel importers and tax avoiders, a trade organisation said on Thursday, as PKN Orlen, the biggest, unveiled a record loss for 2014.
PKN Orlen HQ: photo - wikipediaPKN Orlen HQ: photo - wikipedia

The state budget may have lost revenues of PLN 5.8 billion (EUR 1.4 billion) due to illegal fuel sales, the Polish Organisation of Oil Industry and Trade (POPiHN) said in a report.

In 2014 legal fuel sales declined 1 percent, even as the economy expanded by 3 percent.

At the same time, fuel prices fell due to a collapse in world oil prices, which was the main reason for a record net loss for PKN Orlen, Poland’s largest oil refiner.

PKN Orlen posted a net loss of PLN 4.6 billion (EUR 1.1 billion) due to a PLN 5 billion (EUR 1.2 billion) writedown on its stocks of the raw material. (an)

Source: PAP

tags: Fuels, PKN Orlen
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