The price of oil marked another increase on Saturday, reaching record levels never seen before in the domestic market. In the main points of retail trade such as Gega, Kastrati and Alpet, oil is being traded at 230 lek per liter. This is the third increase in two days. Only on Wednesday, oil was traded at 192 lek, so it has increased by 38 lek. The first increase was reflected when oil reached $ 110 per barrel on international stock exchanges and the second when it reached $ 118 per barrel. Although oil on the stock exchange fell slightly the day before, to 113 dollars and then rose again to 118 dollars per barrel, in Albania it continued to rise today. Market players claim that an emergency situation has been created due to the Ukraine-Russia crisis and now in question is no longer the price but the product insurance.
Oil on international stock exchanges has risen due to the situation in Ukraine, rising to its highest level in almost 9 years. OPEC has stated that despite the situation it will continue to maintain the same level of production under the previously agreed agreement, even before the conflict in Ukraine. In early February, oil rose for the first time this year in the domestic market, reflecting both its rise in stock prices and the start of the implementation of a new tax, which provides for the indexation of excise duty with inflation, which according to customs had an effect of 1.33 ALL per liter without VAT. Since 2021, the price of oil has increased eight times, reaching about 200 ALL currently. Compared to the low level of about 148 lek, which reached during the pandemic period, oil in the country has risen in price by 92 lek per liter, or about 55%.
Currently, oil in the country has reached historical levels of 230 lek per liter, exceeding the highest level of 190 lek that was reached in the period 2008-2009, when black gold on the stock exchange exceeded 140 dollars per barrel. While currently on the stock exchanges, oil is traded at 90 dollars per barrel, but the increase in taxes on this product since then has made fuel in the domestic market traded more expensive. Currently taxes on oil reach 120-130 ALL per liter, after the last increase (from excise, relicensing, scanning, marking), or over 40 ALL more than 10 years ago.