Fuel price hikes in the region - What measures are countries taking to curb prices?
As the conflict in the Middle East is causing instability in global oil markets, raising concerns about inflation and economic pressure on households and businesses, countries in Southeastern Europe (SEE) are adopting mixed approaches to prevent a significant increase in fuel prices.
To prevent drastic increases in fuel prices, Slovenia earlier this week decided to lower excise duties on fuel, while Croatia set a ceiling on retail prices of petroleum products and on excise duties on energy products and electricity.
Also this week, the Serbian government banned exports of crude oil, gasoline and diesel until March 19, when it will reassess the measure. President Aleksandar Vučić has said the government may also lower fuel excise taxes in the future and that the country has enough reserves of both diesel and gasoline to meet consumer needs for about 90 days. Serbia imports crude oil mainly from Kazakhstan, but also from Nigeria.
The government in Moldova last week declared a 60-day state of emergency in the energy sector, including temporary restrictions on the export of petroleum products. Moldova is heavily dependent on imports of gasoline and oil, as almost all gasoline and most oil are imported, with Romania as its main supplier. Moldova has oil reserves for about 12 days, while gasoline supplies last for over 20 days of consumption.
Meanwhile, in Romania, the government is considering restarting operations at the Petrotel refinery, which is owned by the US-sanctioned Russian group Lukoil, and will be able to refine up to 20% of the country's oil, to boost fuel production and curb rising prices.
Romania has strategic and technical fuel reserves, exceeding 3 million tons, which can cover domestic consumption for approximately five months. Romania relies on oil imports, as almost a third of its annual consumption is met by imports, mainly from Turkey and Saudi Arabia.
In Bulgaria, which imports most of its crude oil under a long-term fixed-price contract with Azerbaijan, officials have said that available quantities of motor fuels and raw materials for fuel production can meet domestic consumption.
Authorities in Albania, Bosnia and Herzegovina, Montenegro, North Macedonia and Kosovo are mainly monitoring the situation, as fuel shortages or major disruptions are not expected, with some of the countries potentially taking measures such as reducing excise duties if the situation worsens.
Analistët nga ING Bank kanë thënë se rritja e çmimeve globale të naftës dhe gazit pritet të nxisë inflacionin në rajonin e EQL-së dhe të ndikojë në politikën monetare.
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