The head of the confederation of Albanian industries, Konfindustria, Gjergj Buxhuku said on Monday that Albania needs a fuel regulatory body in order to manage the strong increase of fuel prices recently.

This necessity comes at a time when the country is facing a deep crisis not only in the fuel sector, but also in the energy sector, Buxhuku told EuroNews Albania.

He said that the fuel market in Albania is not a free market, as there is a lack of competition. According to Buxhuku, the Competition Authority has not done its job properly, not exercising control over the fuel market.

"There is a noted lack of competition, there are monopolies, cartels and they are justified only by increasing prices on stock exchanges,” Buxhuku said.

Furthermore, the head of Konfindustria said that the increase in the price of fuel stock exchanges is not immediately transmitted to the Albanian market.

Buxhuku said that the oil market is the largest market in Albania, with a high importance in the Albanian economy. And yet, there is no regulatory entity.

"The oil market is the largest market in Albania, with almost Dollar 1.5 billion annual turnover and has no regulatory entity," Buxhuku noted.

The reasons for the creation of the regulatory body for fuels in the country are many, but according to Buxhuku it needs political will. He said that the creation of this entity will show how much democracy is implemented in the country and how the Albanian state protects the public interest.

"If there is no will to regulate the fuel market, it shows that Albania is unprepared to show that it is a democratic country," the head of Konfindustria noted.

He used as an example North Macedonia, where there is a regulatory body and fuel prices are cheaper, despite the fact that providing oil is more difficult than in Albania.

In a separate statement on Saturday, Konfindustria considered as unreasonable and opposed the government decision to impose an excise tax of 6 Lek/liter for the liquefied gas and the abolition of reimbursement for industries, provided in the draft fiscal package 2022 by the Ministry of Finance and Economy. “The above proposals are unsupported, in the conditions of the severe energy crisis, which the country is already going through from the uncontrolled increase of fuel prices and the warnings of the strong increase in electricity prices in January 2022 for over 7,700 businesses,” Konfindsutria said.

Konfindustria estimates that in the conditions of a non-competitive fuel market in Albania and with a clear presence of cartels and oligopolies starting from port service, wholesale supply and retail sales, any increase in fiscal burden will go directly to the increase of final price and related costs for businesses, industries and citizens.