Slight increase in fuel prices is expected in Serbia

Higher global crude oil prices, which have grown by 11.2% from 23rd March to 11th April, will not result in a drastic increase of fuel prices in Serbia – said Tomislav Micovic, the Secretary General of the Association of Oil Companies in Serbia (UNKS).

Micovic adds that the effect of the growing prices of the Brent type crude oil, which stood at $50.56 per barrel on 23rd March and grew to $56.23 by 11th April, was felt in Serbia in the last seven days when the fuel prices at Serbian petrol stations went up from 1 to 1.5 dinars per litre. He goes on to say that the fuel prices will probably go up in the next week or so.

“The growing crude oil prices will definitely affect the fuel prices in Serbia in the next week or so. These will not be significant increases but rather they will range between 2% and 3%”, Micovic explains.

According to him, if the global crude oil price drops in the following period, the same will happen to fuel prices in Serbia because the competition among oil companies in Serbia is quite strong, and none of them will allow themselves to keep higher fuel prices risking a drop in sales.

Micovic explains that, just like any European market, the Serbian one is also affected by the international fluctuations in crude oil prices, adding that it is impossible to shield the country from this influence. Also, it is almost impossible to predict the price fluctuations and how long are they going to last.

Micovic reminds that the retail prices of oil derivatives in Serbia have two components – the price set by oil companies themselves, and the part that the state takes which is 55% and which is paid directly into the state budget. The latter is not affected by the global crude oil prices.

(Vecernje Novosti, 12.04.2017)


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