Diesel prices in Albania have decreased by about 10 lek per liter in two moves over the last few weeks. Currently, oil is being traded at 183-189 ALL, from almost 200 ALL per liter that it had reached before.

Initially, the prices fell by 4-5 Lek per liter about two weeks ago, while in the last few days they have been reduced by 5 Lek per liter.

This is the first time that fuel prices have a downward trend in the country, since May, when prices rose several times in a row, from the lowest level in more than a year of around 170 lek, which was reached at that time.

In June 2023, the Board that set the fuel price ceiling was abolished, which had been established since March 2022, when fuel prices rose rapidly after Russia's attacks on Ukraine, reaching a record of 245 ALL per liter on the domestic market. in April 2022.

Since the abolition of the Board, prices have increased several times in the country, after reflecting no decrease, although in the stock market they had a tendency to rise and fall. This is the first time that operators are reducing fuel prices.

In international exchanges, prices have fallen significantly from 95 dollars per barrel, which reached in mid-September, to around 75 dollars per barrel currently. Prices on the stock exchanges have fallen to the lowest level of the last 6 months, as a result of concerns about the high level of production as well as the decrease in consumer demand from still high prices.

According to early forecasts, global oil demand is also expected to be weak through 2024.

The US Energy Information Administration (EIA) lowered its 2024 price forecast for Brent crude oil (the European oil benchmark) by $10 per barrel. Brent will average $83 a barrel, the administration predicted in a monthly report, versus an estimate published last month of $93 a barrel.

(Source: Monitor)