Oil price unchanged in Albania
15/10/2014 00:00
The Washington Agreement Must Be Reactivated! 06/01 19:04
The oil price in international markets has dropped in the past three
months. According to BBC, from 106 USD per barrel in July, now the price
has dropped with 20% at 85 USD per barrel.
Despite this strong drop, the oil price in the Albanian market has not changed, based on official data of INSTAT.
The price has stayed at 183 ALL per liter, a tendency that has continued even during this month, as confirmed by the Euroepan Fuel Prices, an agency that published retail prices in Europe. One of the reasons why the market doesn’t reflect the dropped price is related to the USD exchange rate, since oil is bought in dollars.
The data show that this factor doesn’t explain even half of the price drop effect in markets. If the oil price has dropped with 20% in the past three months, the dollars has been reinforced with only 8%. Based on calculations, the oil price per liter should have dropped with at least 8 ALL. This is not the first time when the fuel market doesn’t reflect the lower prices in Albania.
In many cases it has been investigated for suspicions over abuses, but public institutions have not been able to protect the consumers so far. The competition authority and the Ministry of Finances must investigate all transactions in the market, from customs to retail stores.
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