How are countries coping with the increase in fuel prices? - Reduction of excise duty and VAT to somewhat mitigate the increase in prices
The unstoppable increase in fuel prices as a result of the conflict in the Middle East is having its effects in all countries of the world. Governments have already started taking the first measures to curb the increase in retail prices, from excise taxes, setting a price ceiling, reducing VAT, etc.
In Albania, just a few days ago, Prime Minister Edi Rama announced the first measure to reduce excise duty. According to him, for every day the price jumps above the ceiling of 220 lek per liter, there will be an immediate 20% reduction in the excise duty on oil. In the meantime, the creation of a state entity is expected, which will intervene in the oil market.
Recently, the government has declared a special situation in the hydrocarbon market. The decision stipulates that during the period of the special situation, the Transparency and Temporary Price Limitation Board will be activated for the wholesale and retail trade of oil and gas by-products.
In Serbia, the government decided to reduce the excise tax on crude oil again to curb market prices. About 10 days ago, the excise tax was reduced by 20%, and from Friday by another 40%, bringing the total reduction to 60%. According to officials, the Serbian state budget is estimated to lose about 103 million euros per month from these measures.
Belgrade has maintained a price cap on oil and gasoline since February 2022, with the government setting prices weekly. On Thursday, Belgrade also extended a ban on exports of crude oil and fuel products until April 2.
In Montenegro, the government decided to temporarily reduce fuel excise duties to cushion the economic impact of rising global prices. Thus, starting from March 24, the excise duty on Eurodiesel will be reduced by 50%, while the excise duty on Eurosuper 98 and Eurosuper 95 gasoline will fall by 2%.
In addition, the government also decided to change the way it regulates retail fuel prices by temporarily shortening the time period for setting prices to 7 days from the current 14 days, thus allowing for a faster adjustment of domestic prices to the cost of oil on the global market.
In Italy, last week the government decided to temporarily lift fuel excise duties for 20 days, making a liter 25 cents cheaper. Other relief measures have also been taken for specific sectors such as road transport and fishing.
In Spain, also last week, the government cut VAT on hydrocarbon products to 10% from 21%, as part of measures to cushion the economic blow from the conflict in the Middle East. Madrid also plans to suspend excise duty on hydrocarbons, which would lead to an immediate reduction in the price of diesel and petrol by between 0.30 euros and 0.40 euros per liter.
Bank cards, the "new wallet" of Albanians - BoA: The market is dominated by debit cards, while lending remains limited
Albanians are carrying less and less cash in their pockets - and more and more on their cards. The latest data from the Bank of Albania shows a clear shift......
Implementation of reforms and EU objectives - Report in the Official Journal/ 41 measures reported, 21 implemented
The European Commission has published the assessment of the First Implementation Report of the Reform and Growth Facility, a document included in the......
Special situation in the hydrocarbon market announced - Government establishes Transparency Board, mandatory prices for companies
The Albanian government has declared a special situation in the hydrocarbon market, following the escalation of the crisis in the Middle East and its impact......
How much do Albanians pay for insurance? - AFSA: Per capita premium in 2025, about 12% higher. The market has a small share in the economy
Year after year, Albanians are spending more on insurance. The latest data from the Financial Supervisory Authority (AMF) shows that gross written premiums......
How much nickel and cobalt is there in Bilisht's underground? - Critical minerals, the country's reserves along the southeastern border
Our country aims to become an important player in the critical minerals market, at a time when reports in the Greek media about a possible investment in......
Greece, 4 measures to curb fuel prices - Mitsotakis: They will cost 300 million euros for the April-May period
Prime Minister Kyriakos Mitsotakis announced measures to support families and businesses affected by the war in the Middle East. As he stated, "we are......
How many labor complaints are resolved in Albania? - Non-receipt of back wages is ranked as the main concern
The State Labor Inspectorate has registered a high volume of interaction with citizens and stakeholders during 2025, recording a total of 1,179 complaints......
VAT on fuel reduced from 18% to 10% - Decision of the Government of North Macedonia, in force for two weeks
The Government of North Macedonia has made a new decision, reducing the Value Added Tax (VAT) on fuel from 18% to 10%. According to the decision, gasoline......
