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The government is considering adding a new tax on oil

2025-10-08 20:43:08Biznes SHKRUAR NGA REDAKSIA VOX

To cope with the reduction or shortage of oil in difficult times, the government has once again raised the idea of ??establishing a state reserve to supply the population in these cases.

The draft law issued for public consultation "On the creation, maintenance and management of safety reserves for crude oil and its by-products" provides for a reserve for 90 days of consumption in case of need, which is expected to cost the state budget at least 520 million euros if the deposits are built or about 300 million euros for rent.

"The total amount of security reserves to be held in the Republic of Albania shall be targeted at at least 90 days of average daily net imports or at least 61 days of average daily domestic consumption, whichever is greater. Security reserves to achieve the target will be created gradually and proportionally based on the Action Plan, which is approved by the Council of Ministers."

Specifically, for a 90-day reserve that will serve the population in case of crises, according to market experts, a minimum of 270-300 thousand tons of fuel are needed, which at the current market value costs $300 million, or in other words, 260 million euros.

But this is only the cost of the product. For its storage there are a number of other costs, from renting storage facilities which, according to experts, are not available for such capacities, but if they were available they would have a value of 10 euros/ton per month or for a capacity of 300 thousand tons it would reach 3 million euros per month or 36 million euros per year.

If this bill were calculated with these expenses without including the costs of salaries, employees or electricity, it would reach up to 300 million euros.

If the government were to create the deposits itself, it would cost around $300 million or 260 million euros, which brings the total bill to 520 million euros, not including other maintenance or employee costs.

To pay such an expensive bill, the draft law provides for several sources of financing such as loans or the state budget, as well as another fee that will be added to citizens' pockets.

"Fees for the creation and maintenance of the security reserve that are applied to the quantities of hydrocarbon energy products that are subject to the obligation to pay Excise tax."

This will mean that in addition to the approximately 6 local taxes and fees that citizens pay for fuel, such as excise duty, circulation tax, carbon, scanning, etc., this fee will also be added, the amount of which is not yet known but will be determined after the approval of the law by decision of the Council of Ministers. /Tch


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