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ANALYSIS: Even the Board with the "policies" of the oligarchs, fuel prices decrease more slowly, but increase faster

2022-07-12 08:27:36Biznes SHKRUAR NGA REDAKSIA VOX
ANALYSIS: Even the Board with the "policies" of the oligarchs, fuel
Illustrative photo

On March 8, the price of oil jumped to 260 Lek per liter in the local market, reaching a historical record high, with a 35% increase from the end of February when fuel cost 192 Lek.

The tightening came after the Platts index on the stock market, which serves as a reference for the purchases of Albanian importers, reached 1,418 dollars per ton, as a result of problems with global supply caused by Russia's attack on Ukraine, from about 850 dollars at the end of February .

After protests over the sharp increase in prices, which are the highest in the region (also due to the high taxes that weigh on a liter), the government created the Transparency Board, which periodically fixed stock market prices based on a formula which is based on purchase prices on the stock market (Platts index), taxes, operating costs and a profit margin.

The first meeting of the Board was on March 12, which decided that the retail price of the gasoil by-product of the SSH EN 590 standard for the period March 12-March 15, 2022, was 217 Lek/liter, from 223 Lek that was sold at the points of fuel trading.

But how much has the Board achieved, through price fixing (an action that has been opposed by operators as it does not allow them to be flexible in purchasing) to offer more reasonable prices to consumers.

"Monitor" has drawn up the graph that compares the progress of the price of oil on international exchanges (the Platts indicator, which is taken as a reference by the board for setting the price) and fluctuations in the retail market, from February of this year to June 30 (until March 12, the price of retail trades is determined by the market and after this date is fixed periodically by the Board).

The graph shows that "history repeats itself": prices increase rapidly when oil becomes more expensive on the Stock Exchange, while the rates of decrease are slower, not as a time reference, but in terms of value.

Below are two concrete examples:

1. On April 12, oil in the stock exchange was 1099 dollars per ton, while in the local market it was 219 lek per liter.

On May 19, oil on international exchanges reached similar levels of 1,083 USD/ton. But in the local market, fuel was traded at 229 Lek per liter, or 10 Lek more than a month ago, when the price on the stock exchange was almost the same (dates marked in yellow in the chart). A partial explanation is the exchange rate of the dollar, which on May 19 was 114.5 ALL, against 112 ALL on April 12.

2. On June 30, oil on the stock exchange was 1,233 dollars/ton, while in the domestic market it was fixed at 249 ALL. But, a month ago (May 30), when oil was at the same levels in the stock market, it was 239 lek in the local market! (dates in blue). On May 30, the exchange rate had dropped again to 112.4 ALL, while on June 30, one dollar was exchanged for 114.2 USD, without significant changes compared to the previous weeks.

According to Global Petrol Price, Albania ranks among the 20 countries with the highest oil price in the world and the most expensive in the region.

When measured by purchasing power, local consumers buy the most expensive oil in Europe. An Albanian has to spend on average nearly 15-20% of his daily income to buy a liter of diesel, with today's prices more than any other citizen in Europe.

With fuel prices that have reached the top, and are currently traded at 243 lek per liter, Albanians are expected to pay much more this year to travel, both through filling their cars and indirectly in transportation costs. About 60% of the price is taxes.

ANALYSIS: Even the Board with the "policies" of the oligarchs, fuel


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