Fuel prices decreased in Europe, but not in Albania

The Bank of Albania notes that fuel prices in the country are not reflecting the same performance as European Union markets.

In its latest monetary policy report, the Central Bank notes that fuel prices fell significantly in European Union countries in the second quarter of the year, especially in May. However, this price movement was not reflected in the domestic market.

In fact, retail fuel prices in Albania have been practically frozen since last year. The market is no longer reflecting short-term oil price movements or exchange rate fluctuations.

Currently, the price of crude oil in international markets is close to USD 66 per barrel, down more than 18% compared to a year ago.

The price of oil and its by-products in international markets is usually quoted in US dollars. Currently, the US currency is trading near the level of 83 lek, down more than 8% compared to a year ago.

At the beginning of the war in Ukraine, the price of oil faced a severe blow. In the Albanian fuel market, this caused an unprecedented situation, where prices moved (mostly upwards) for days, and in some cases even for hours.

In response to this situation, the government established a Price Control Board, which operated until oil prices stabilized in international markets.

But, even after the abolition of the Board, there no longer seems to be any signs of normal competition functioning in the market. Price changes are very rare. Even in cases where prices change, this happens almost simultaneously at all retail outlets.

This market has a high degree of concentration in upstream, import and wholesale trade.

The fuel market has been the subject of several investigations by the Competition Authority, but this institution has not ruled that violations of the Law "On the Protection of Competition" have been proven in this market. The last preliminary investigation in this market was closed at the end of 2022./ MONITOR

Happening now...

12:38 SPORT

FORMULA 1/ Former world champion, Hamilton: I am convinced, in 2026 we will win the title

12:28 KOSOVA

EU criticizes Vetëvendosje, Europeans disappointed with non-certification of Serbian list for October 12 elections

12:08 BOTA

Scandal in Italy, iron content discovered in mozzarella, ministry orders urgent withdrawal from the market

11:54 POLITICS

Rama's bullying of the judiciary blows up hope for a state of law

11:50 HAPPENING NOW

Violence, arson and threats.../ Brothers hit 22-year-old woman with hard objects in Tirana, investigations begin against them

11:35 SHOWBIZ

Sad! Famous Albanian rapper, Marini loses his newborn son

11:33 POLITICS

760 thousand euro undeclared villa in Lalzi Bay? Is Noka the former minister mentioned by Bardhi who is being investigated by SPAK?

11:28 HAPPENING NOW

"Brother, the letters were written for murder in collaboration", the conversations on "SKY" are revealed, how Bajri and Gjoka hid Duel Mehmedaj after the execution of Ridvan Ramazan

11:11 HAPPENING NOW

He hit and killed a 65-year-old woman and injured a teenager, a 45-year-old man was arrested in Korça

10:54 BOTA

Maduro denounces the landing of US troops on the coast of Venezuela: Immoral and illegal action

10:53 HAPPENING NOW

Caught with cocaine in the car, decision made for Eli Fara's daughter

10:35 SHOWBIZ

Grandma's Elegance Returns: What is "Nonnacore"?

10:35 HAPPENING NOW

Albanian woman from Kosovo presented in serious condition at hospital, dies in Trauma

10:27 SPORT

Serie A restarts, Napoli tries to make an "encore". Inter, Juve and Milan seek to "divorce" the southerners

Want to read more news