Petroleum product companies incurred greater losses in 2013 compared to the previous year, while total turnover for the sector amounted to 10.93 billion euro, down by 12.5 percent, according to a study conducted by IOBE, the Foundation for Economic & Industrial Research.

According to the study, which took into account the financial results of 12 sector firms, the reduced total turnover figure resulted primarily from the lower price levels of petroleum products. Sales actually rose slightly, by 3.8 percent in 2013. This modest increase ended a downward sales trajectory that had begun in 2009. The total decline during this period amounted to 41 percent.

The petroleum product sector’s overall gross profit figure fell yet again in 2013, to 373 million euro from 405 million euro in 2012.

The difficulties faced by the sector, attributed mostly to the overtaxing of fuels combined with the ongoing recession, also led to a reduction in the number of petrol stations. They dropped from 6,059 in 2012 to 5,793 in 2013, the IOBE study showed. Also, the number of petrol tankers used in the market dropped from 1,892 in 2012 to 1,509 in 2013, while the number of the sector’s employees fell from 2,123 to 1963, respectively. The sector’s total investment figure fell by approximately 20 percent, slipping to 36.5 million euro in 2013 from 45.25 million euro in 2012.