Gas prices rise for fifth time this year

The Ministry of Finance approved on October 23 the fifth increase this year of petrol and diesel fuel prices. The measure, which took effect on November 1, will mean that gas prices will go up by 0.50 Sk/liter and diesel by 1.50 Sk/liter. According to Slovnaft President Slavomír Hatina, the world crude oil prices are 50 percent above last year's average. Oil purchases constitute 65 -70 percent of Slovnaft's total expenses, Hatina revealed, adding that an increase in crude oil of $1 per barrel translates into a 100 million Sk increase in the oil refinery's monthly costs. Another factor influencing Slovnaft's increased costs is a rise in the dollar exchange rate, Hatina said, where if there was an increase in the exchange rate by 1 Sk, it would translate into a cost hike of 65-67 million Sk per month.