Slovenia’s largest fuel retailer Petrol said yesterday its 2010 profit could be halved due to the government’s plans to raise excise duties on fuel. The company did not say what profit it referred to, but in December it had said it expected to reach group net profit of 43.2 million euros ($62.7 million) in 2010, up 6 percent from 2009 expected profit.
“There is a serious possibility that the planned profit of Petrol would be halved,” Petrol said in a statement. It said that an increase of excise duties has already dented its fuel sales in the border areas. It said the government’s plan to raise excise duties further could lead to an additional fall in sales, along with higher inflation. “We are worried because fuel is becoming more expensive in Slovenia than in neighboring EU states, which has an impact on the competitiveness of the whole Slovenian economy, with Petrol being no exception,” it said.