Oil prices rise for the third time in a row in a few weeks

Oil prices have increased again in the local market by 5-7 ALL per liter, for the third time in a row in a few weeks.

At Kastrati trading points, the largest retail and wholesale operator in the country, a liter of diesel is sold at 192 lek, from 185 lek a few days ago. Gasoline is sold at 196 ALL, from 188 ALL before.

Gega Oil, the second largest in the country, sells oil at 191 lek per liter and gasoline at 195 lek.

At the trading points of Eida Petroleum, oil has reached 189 Lek and gasoline at 193 Lek.

Since July 15, when the increase in price began, oil has increased by a total of 16 lek per liter (three times in total), reaching the highest level since mid-March of this year. (see chart: Oil prices in the domestic retail market. January 2022-August 13, 2023).

Market operators claim that the trend is related to fuel prices on the stock exchange, where the Platts indicator, which is taken as a reference by Albanian importers, closed on Friday at $940 a ton, which is the highest level since October 2022 and the trend looks for further appreciation towards $1000.

On the other hand, the dollar, which is the currency with which oil is bought by local traders, continues to remain at the lowest levels in at least a decade. On Friday, one dollar, according to the official exchange rate of the Bank of Albania, was exchanged for 94.5 dollars, from 108 lek which was in mid-March.