PKN Orlen posts record Q1 results as oil prices rocket

Orlen attributes this result to the economic recovery, rising demand for fuels, the strengthening of the złoty against the U.S. dollar and effective cost-cutting measures. Meanwhile, it appears that the Finance Ministry's decision to cut excise taxes by zł.0.05 per liter, will not result in lowering of record high retail prices, as world oil prices continue to surge. As a result, PKN Orlen and Grupa Lotos, the two largest domestic players, have announced a zł.29-40 hike in wholesale petrol prices. (Gazeta Wyborcza, May 15-16, p. 28) T.J.