High fuel prices in Serbia: excise duties increased by 67%

Serbia is one of the countries with the highest fuel prices in the region looking at retail prices and the prices are continuing to go up.

One of the main reasons for such high prices, in addition to the upward trend on the global market, is the high excise duties on fuel. Since 2012, fuel excise duties have increased by up to 67%, which is largely reflected in prices.

Excise duty is a special form of tax that is often used to tax cigarettes, alcoholic beverages and petroleum-based products. These are mostly products that have no alternative in the market, are in high demand and consumption. The excise duty on Eurodiesel is 59.48 dinars per litre. This is a fixed amount, so the share in the total price changes according to the change in prices.

The Secretary-General of the Association of Oil Companies of Serbia (UNKS), Tomislav Mićović, explains that the adoption of the Excise Act in 2012 marked a turning point in excise policy. Economist Dušan Nikezić believes that fuel is so expensive in Serbia precisely because of high excise duties.

Since 2012, when the excise duty started going up, the price of fuel has jumped by 24 dinars per litre of Eurodiesel.

Nikezić points out that if the government were to reduce the excise duty down to the 2012 level, the reduction in retail fuel prices would be significant. Neighbouring countries have started to limit fuel prices at petrol stations. Hungary did this two or three weeks ago and Croatia a month ago, where fuel prices are lower than in Serbia. In addition, Montenegro also reduced fuel prices this week.

(Nova, 24.11.2021)

https://nova.rs/vesti/biznis/akcize-na-gorivo-skuplje-za-67-posto-zemlje-u-regionu-ogranicavaju-cene/

This post is also available in: Italiano

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