Albania’s Fuel Prices Increase Significantly
The price of oil rose on Tuesday at retail points of fuel trading. A liter of oil is being traded at ALL 221 lek per liter, from ALL 203 per liter that was before.
Gasoline is being traded cheaper, unlike until now when it was generally one or two lek per liter more expensive than oil. A liter of gasoline is being traded today at ALL 211, from ALL 206 per liter that was before.
The price change came after yesterday's decision of the Transparency Board, which fixes prices for three weeks and periodically reviews their level based on the performance of fuel prices in international markets.
However, the Board's decision was not made public yesterday, unlike previous cases where the review had been on the decline. This is the first time the board has decided to increase since its inception.
On the stock exchanges, oil traded at $ 118 a barrel on Tuesday morning, rising from a month-low of just under $ 100 about a week ago. The escalation of the Russia-Ukraine conflict and concerns over oil supplies are making black gold more expensive on stock exchanges.
Instead, oil reached ALL 260 per liter in early March, after rising to $ 130 on international stock exchanges. Following this increase, the Government established the Transparency Board, set up to temporarily limit the wholesale / retail prices of oil and gas by-products.
The Transparency Board set up with the aim of temporarily limiting the wholesale / retail trade prices of oil and gas by-products in its meeting has determined the new fuel prices, which have increased compared to the current level.
According to sources from the operators, the price of oil will be ALL 221 per liter, from ALL 203 that was until today and gasoline 211 lekë, from 206 that was before. The decision takes effect from Tuesday, March 22 until Thursday.
According to the information received from the market, the operators say that even at these levels there are 15 lek with losses.
Operators say they expected the board to make prices transparent rather than fix prices. This situation is putting operators in trouble. According to them, the 5% margin left to traders on the price without taxes is not enough to cover costs, but it should be around 15%.
Gasoline has been more expensive than diesel according to operators, because it has higher fires, because it evaporates faster and sells less.
In the stock exchanges, oil has risen to 113 dollars per barrel, from below 100 dollars, which dropped to the moment that in our country it decreased by ALL 203 per liter.
(Source: Monitor)