Serbia releases additional oil reserves - Extends fuel export ban
The Serbian government has decided to release additional quantities of oil from reserves and further extend the ban on fuel exports to protect the market from the continued price increase caused by the conflict in the Middle East.
The government will release 30,000 tons of oil from reserves, bringing the total since the outbreak of the Iran war to 65,000 tons, while the ban on fuel exports has been extended until the end of June.
The situation in the global oil market is increasingly complex and challenging, and there is no indication of how long the concerns will last, which is creating pressure on the Serbian economy, the energy minister said.
"We have responded to these challenges and have successfully protected our citizens and economy from the sudden increase in fuel prices for two months, even though the measures we are adopting are not easy for the state, as they significantly reduce budget revenues and increase expenses," said Dubravka Djedovic Handanovic, recalling that the government also reduced fuel excise duty by a total of 25%.
Over the past four years, mandatory reserves of oil and oil derivatives increased to 55 days of average daily consumption from 31 days, she added.
In Serbia, the government has set maximum retail fuel prices every week since 2022. For the period April 24-30, the maximum retail price for diesel was set at 219 dinars (1.86 euros) per liter, 2 dinars more than last week, while for gasoline it is 191 dinars per liter, unchanged from the period April 17-24.
According to the minister, Serbia's sole refinery, the Russian-controlled and US-sanctioned NIS, has increased crude oil imports as well as production of its by-products at its 4.8 mt/year Pancevo refinery due to global disruptions. Earlier this month, the US Treasury Department waived sanctions on NIS for a 2-month period, allowing the company to continue operating until June 16.
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