The President of Serbia, Aleksandar Vučić, convened an urgent meeting today with the relevant ministries and institutions to assess the situation on the fuel market and the state of reserves in the country.
He stated today that a solution for the price of petroleum products is being sought through a combination of using state reserves and reducing excise duties, for which a legal framework is being pursued. He emphasised that there is no need for panic, as there are sufficient reserves, and that by tomorrow morning the measures the state will adopt will be known.
Oil prices rose several times today, moving from 112 up to 118 dollars per barrel (previously 65 dollars), after Iranian media reported an air strike that hit a facility at the world’s largest natural gas field.
The NIS issue: no confirmation yet on the licence
President Aleksandar Vučić stated today that there is still no confirmation that the US OFAC will extend the operational licence for NIS to continue operating after 20 March.
“It is a very complicated, highly complex and extremely difficult situation for us. Several key issues. You know that this evening, tomorrow morning, or during the night, a decision will be made as ‘factor one’ regarding the potential extension of the licence for NIS, which is decided by the US OFAC. We have no confirmation that the US OFAC will make such a decision. We have no confirmation that the decision will be positive, and we do not know whether it will be,” said Aleksandar Vučić in response to journalists’ questions in Inđija.
As he noted, everyone can imagine what problems would arise for Serbia if the OFAC decision were negative.
“In four days, the deadline expires within which, ‘secondly’, NIS must be taken over, that is, a commercial agreement must be concluded, according to what OFAC has stated regarding sanctions on NIS, between the Hungarian company MOL and Russia’s Gazprom. Whether this will happen or not, we have no confirmation. We hope so. We are working on it, speaking with partners, and I also spoke today with Viktor Orbán about everything, but I can tell you more about that,” Vučić said.
Attacks on energy facilities in the Gulf drive up oil and gas prices, the world on alert
Iranian missile attacks on a gas complex in Qatar, along with drone strikes in Saudi Arabia and Kuwait, have caused a sharp rise in oil and gas prices, while global markets are bracing for a possible energy shock amid fears of disruptions to global supply. Brent crude futures rose by 8.1 per cent to 116.12 dollars per barrel, while Dutch TTF natural gas futures increased by 26.1 per cent, reaching 69.1 euros per megawatt-hour, reflecting growing concern about potential disruptions in global energy flows, according to Investing.
The latest escalation followed Iranian ballistic missiles striking the Ras Laffan industrial zone in Qatar, targeting one of the world’s most important centres for liquefied natural gas (LNG).
“These attacks open a potentially dangerous new chapter in the conflict,” said Helima Croft, Head of Global Commodities Strategy at the Royal Bank of Canada (RBC).
She warned that any involvement of the Houthis in the conflict could further threaten alternative export routes via the Red Sea.
“We are monitoring the possible involvement of the Houthis in the conflict and the threat to alternative export routes via the Red Sea. If the group becomes an active participant, it would significantly alter the perception of risk for Red Sea exports,” Croft added.
Ras Laffan is a key hub for global LNG supply, with significant exports to Europe and Asia.
Damage to this infrastructure threatens to trigger an energy crisis, particularly as Europe enters a period of limited reserves following a cold winter and continues to rely on Qatari LNG as a substitute for Russian pipeline gas.
Major Asian economies, including Japan, South Korea, India and China, are also heavily dependent on long-term supply from Qatar.
Vučić: Today, we are releasing 40,000 tonnes of oil from state reserves, meeting this afternoon
President Aleksandar Vučić stated today that the situation is very complicated, highly complex and extremely difficult for Serbia.
Vučić said that 40,000 tonnes of oil would be released from state reserves today and added that a meeting would be held in Belgrade this afternoon to discuss solutions to prevent a drastic increase in fuel prices at petrol stations tomorrow. He noted that the issue is not only that global prices today range between 112.2 and 116 dollars per barrel, but also the pricing benchmarks.
“For the first time in history, our benchmarks for diesel have exceeded 1,300. We have never had that before, and tomorrow we must set a price that is effectively impossible. It will go to a realistic 250 dinars for diesel, perhaps even higher. We are talking about the real price, while here it is 208 dinars,” Vučić said.
As he added, excise duties have already been reduced by 20 per cent, from 74 to 59 dinars. He pointed out that under the current law, there is no longer a right to reduce them further.
“We are now seeking a legal framework. I have no problem saying that what matters more to me is whether people will have oil and whether people will have bread, milk and everything else, or whether we will have to interpret a certain rule differently. If someone has to make such a decision, it will be me. But it seems to me that through the Law on Trade and Article 39 we will find a way, by narrowly interpreting that provision, to secure the possibility to further reduce excise duties and the state’s share in profits from oil and petroleum products,” Vučić said.
New measure: the state releases diesel from reserves, export ban on oil and petroleum products extended
The Government of Serbia decided today to extend the ban on the export of oil and petroleum products for motor fuels until 2 April.
“The ban applies to the export of diesel, petrol and crude oil by all modes of transport, and we have extended it as one of the measures to protect citizens and the economy from rising oil prices on the global market, which is still ongoing. Additionally, we have decided to release 40,000 tonnes of diesel from reserves as an extra measure to stabilise the market, which will be implemented in the coming days,” said the Minister of Mining and Energy, Dubravka Đedović Handanović, the ministry announced.
The minister stated that the aim of the measures being adopted, such as a 20 per cent reduction in fuel excise duties, is to protect the domestic market from shortages of petroleum products and price increases caused by global disruptions due to the conflict in the Middle East and a 40 per cent rise in oil prices in recent weeks.
Oil prices rising, markets in turmoil
The benchmark price of Brent crude oil reached 112 dollars per barrel early this morning in Asia, more than 5 per cent higher than on Tuesday, the BBC reported. Later in the morning, the price of oil exceeded 118 dollars per barrel amid significant market uncertainty following Iran’s attacks on energy facilities across the Middle East.
The sharp increase followed reports that an Iranian petrochemical complex at the South Pars gas field had been hit.
A few hours later, Qatar reported significant damage at the Ras Laffan industrial site following threats from Iran. Although both oil and gas prices rose sharply, they remained below the peaks seen earlier during the conflict, the BBC noted, recalling that oil reached 116.78 dollars per barrel on 9 March.
Iran’s Ministry of Oil announced that the fire at the petrochemical complex was under control, Tasnim, a news agency affiliated with the Islamic Revolutionary Guard Corps, reported.
The situation in global oil and gas markets is difficult. Many countries have introduced restrictions at petrol stations, including Slovenia, Greece, Slovakia and Italy. Fuel prices at petrol stations in the United States have already risen to 5 dollars.
(NIN, 19.03.2026)
https://www.nin.rs/politika/vesti/107527/hitan-sastanak-nadleznih-u-srbiji-zbog-rasta-cena-nafte