Fuel prices start to rise in the region - Experts: Prolongation of the conflict in the Middle East, further impacts
Authorities and experts in Southeast Europe are warning of future fuel price increases across the region, following the rise in oil prices on global markets amid the US-Israeli war against Iran.
In Albania, the Hydrocarbons Association announced a 20 lek per liter increase in prices within 2 days. They also predict a maximum increase of up to 30–40 lek per liter in the coming days, but add that these prices will be provisional, depending on the progress of the conflict. Meanwhile, the Competition Authority has started monitoring the fuel market, placing under surveillance all companies that carry out activities in the wholesale and retail trade of gasoline and diesel. The main attention of this process will be focused on the performance of prices at retail points of sale,
Commenting on developments in the Gulf region, the National Energy Regulatory Agency of Moldova (ANRE) said that higher prices for oil and oil products on international markets have increased retail fuel prices in the country. However, Moldova's price-setting mechanism, which caps daily retail prices for gasoline and standard diesel based on the 14-day average of Platts international quotations, protects consumers from unexpected increases and prevents unjustified increases by oil companies, ANRE stressed.
To prevent supply risks, ANRE has also introduced a mechanism for reporting daily stocks held by importing companies, necessary for monitoring fuel reserves. To date, the total fuel stock in the country covers domestic consumption needs.
In Montenegro, the Association of Oil Companies said fuel prices in the country will increase from next week as a result of the conflict in Iran, but it is still too early to say by how much. The association stressed that there will be no fuel shortage on the market as local retailers have built up enough stocks to cover the needs of domestic consumers in the next two to three months.
Retail oil prices in Kosovo have increased to 1.18-1.25 euros per liter, while gasoline is sold in the price range of 1.17-1.24 euros per liter due to global supply uncertainties, the Petroleum Association said. Local media reported that before the airstrikes, oil prices were 1.15-1.21 euros per liter.
In Bulgaria, the Oil and Gas Association said gasoline and diesel prices have risen by about 1% following the global crude oil price hike last month. The association noted that oil prices will need to remain high for approximately 10 to 14 days before the impact is fully reflected at retail gas stations.
Currently, Euro95 gasoline is sold at an average price of 1.26 euros per liter at gas stations in Bulgaria, while the price of diesel is 1.29 euros per liter.
Analysts said the rise in global oil and gas prices from the conflict is expected to increase inflation in Central and Southeast Europe and affect monetary policy.
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