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For more than a year, since March 2022, the fuel price ceiling was set by the Transparency Board, a mechanism created by the government to control prices after the crisis caused in this market by Russia's attack on Ukraine.
The operators spoke out against this Board, claiming that it violated the principles of the market economy and did not allow companies to optimize purchases in international markets, which would make them supply when the market was cheaper. According to them, this would enable prices about 5% cheaper than those set by the Board.
The board was abolished on June 7, while its last decision was made on May 26, where the ceiling price of oil retail trading was 176 ALL, and of gasoline 179 ALL.
When three weeks have passed since the abolition of the board, retail fuel prices continue to remain unchanged. According to an observation on the market, Kastrati, Gega Oil, Eida, sell oil at 176 Lek and gasoline at 179 Lek. Bolv Oil has slightly reduced oil to 174 ALL. While small operators have different prices, but cheaper than 176 lek for oil.
The Association of Hydrocarbons Companies said it will take at least three months for the market to stabilize, following the Board's intervention.
Meanwhile, according to them, prices today are at a minimum. About 120 lek are taxes, (the highest in the region) while other taxes such as maceration, scanning, calibration add to the price. Activity costs have also increased due to the pressure to increase wages.
On international exchanges, on May 25, the reference indicator of Platts was 690 dollars per ton (without premium). Even on June 12, the indicator was 691 dollars per ton, while on 22 June (the last date when data is provided by the Bulletin) it was 731 dollars/ton.
On the other hand, the exchange rate has been favorable. The dollar, the currency in which fuel is traded, is currently down to 97.5 lek, from 103 lek on May 26, the last day the Board fixed the price of oil and gasoline before the meltdown.
According to Global Petrol Price, until June 19, when the data is available, Albania was ranked among the 30 most expensive in the world for oil and the most expensive in the region.
Montenegro, the second most expensive in the region after Albania, had oil 8.3% cheaper than in Albania, while in North Macedonia it is 22% cheaper. According to the operators, the price difference is related to the high tax burden compared to other countries./Monitor
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