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Oil prices continue to be high for Albanian consumers. Since March, their increase in price has not stopped, while signals from international markets suggest that there will be further increases.
In just two weeks, the price per ton of oil on the stock exchange has increased by 60 dollars, reaching 990 dollars. This is the highest level since November last year or almost 11 months.
Even in Albania, retail outlets are selling diesel starting from 197 to 207 lek per liter, while gasoline is higher by 2-3 lek. Since March, the price has increased by 30 Lek.
These prices appear to be influenced by oil-producing countries, part of the OPEC organization, which cut oil production by 1 million barrels per day during the summer. The measure was expected to end in September, but Russia and Saudi Arabia announced an extension until the end of the year.
Now even Libya, Europe's main supplier, has been affected by the flood disaster and continues to put less oil on the market. Analysts and experts in a poll for the prestigious Reuters say that in the last quarter of the year energy products will have the strongest growth.
Often referred to as the lifeblood of the economy, increased oil prices will have a direct impact on inflation, jeopardizing the Bank of Albania's aim for prices to stabilize in the middle of next year./ TCH
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