Oil Price Breaks New Record

This is the highest price that oil has ever reached in the domestic market, even higher than 2007, when oil prices peaked all over the world. Up to now, the oil price been has increased only by “Alpet” company, which owns a large share of the oil market in Albania.

The Chief Executive of “Alpet” said for Top Channel that the cause of this price increase is the hike of oil prices in stock exchanges. In fact, in the recent years, “Alpet” has been the first company to react by increasing the oil price, only to be followed by the others.

“Alpet” justifies the prince increase to trade not only oil, but also trust, insinuating that their oil quality is different to the rest of the Albanian market.

Oil Companies have often been targeted for price speculations, not only by the public opinion, but also by the Minister of Finance, although the government itself is one of the factors the affect the price increase through the high taxes.

This fact has also been confirmed by oil companies, which declare that Albanian taxes are much higher in comparison to other countries.
What remains to be seen is the effect of this record breaking price that has been imposed to the consumers. Previous studies show that oil price increase is accompanied by multiple negative effects in the economy.

Top Channel