Albania’s Fuel Transparency Board: International prices don’t reflect domestic situation

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Despite the decline in crude oil prices on international markets, the Transparency Board increased the price of a liter of gasoline to 227 ALL in Albania on Wednesday.

In contrast to previous occasions, the notification underlines that any reference to the drop or increase in the price of crude oil on international markets does not effect the stock exchange of the by-products gasoil and gasoline in the same manner and at the same time.

“In light of the global economic crisis and the unpredictability of the pricing of petroleum byproducts, the board wishes to assure the public that it administers the applicable regulations with the utmost care in order to safeguard customers.

In this context, the Board stresses the following:

i. The price of crude oil on international markets does not affect the stock market of gasoil and gasoline in the same way. Media and different political and non-political factors should refer to official “S&P Global Platts” statistics in USD for the Mediterranean stock market to educate public opinion appropriately and without biases. The Customs Administration aims to make available information on exchange movements so no one may misrepresent or abuse it.

ii. From Board Decision No. 45, Prot, dated 11.8.2022, which corresponds to “S&P Global Platts” official data dated 10.8.2022, the price movement was as follows:

Date: 11.08.2022: 10 ppm gasoline +29 USD/ton; 10 ppm gasoil +42 USD/ton

Date: 12.08.2022: Gasoline: 10 ppm plus 6 USD/ton; Gasoil: 10 ppm plus 66 USD/ton

Date: 15.08.2022: Gasoline 10 ppm -$5/ton; gasoline 10 ppm +$41/ton

Date: 16.08.2022: Gasoline 10 ppm -$20/ton, Gasoil 10 ppm +$40/ton.

iii. The LEK/USD exchange rate, which also affects the ultimate price of fuel, has risen by 1.42 lek since the last Board meeting.

So, despite the stock market’s recent rise, the Board has not decided to raise by-product pricing “, board says.