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Conflict in the Middle East/ Operators warn of up to 20 lek increase in the domestic oil market

2026-03-02 20:15:28, Ekonomi CNA

Conflict in the Middle East/ Operators warn of up to 20 lek increase in the

The increase in oil prices in international markets following the conflict in the Middle East is expected to be reflected in the domestic market within 3–4 days, with a price increase of 15–20 lek per liter.

Following the increase in prices on global stock exchanges, it is expected to have effects on freight transport tariffs.

Immediately after the start of the conflict between Israel and Iran, on February 28, 2026, which erupted with successive military attacks, the first impact appeared with the increase in oil prices.

On international stock exchanges, oil prices rose by up to 13%, while gas prices reached 24%, reflecting uncertainty over supplies and heightened tensions in a key region for energy production and transportation.

By midday today (March 2, 2026), the price of Brent crude oil on the stock exchange reached 79 USD per barrel, up from 75 USD in the early hours of the morning. Before the attacks, the price ranged from 62 to 65 USD per barrel.

Both oil importers and transport companies from countries in the region and Europe to Albania by land report supplies at prices up to 10% higher.

Representatives of the Hydrocarbons Association told "Monitor" that in the days immediately following the attack, oil was supplied at a price of 900 USD per ton, up from 740 USD per ton previously.

"The price increase on the stock exchange is expected to be reflected within 4 days in the retail market, with a price increase of 15 to 20 lek per liter," the Hydrocarbons Association claimed.

Currently, at gas stations, the selling price of diesel is 170-175 lek per liter and is expected to reach 185-190 lek per liter.

Representatives of the Association warn that in the event of an expansion of the map of attacks, or their involvement by Hamas, oil prices on the stock exchange could reach 110 USD per barrel, immediately affecting the price for the domestic consumer.

Freight transport tariffs will also increase

The increase in fuel prices is also expected to affect freight transport rates, as diesel costs account for a large portion of costs in this sector.

But commercial freight transport companies are also facing up to 10% higher prices for oil supplies.

Rodolf Xhillari, administrator of the land freight transport company "Balkan Trans Albania", underlines that the increase in oil prices is expected to affect the increase in freight transport tariffs with the region and EU countries.

Xhillari explains that oil costs account for 60–70% of total costs in freight transportation, so it is impossible for the increase in oil prices not to be reflected in tariffs.

"With the rise in oil prices, tariffs for road freight transport are expected to increase to the same extent as the price of fuel."

The increase in oil prices following the escalation of military attacks is not a new phenomenon. In March 2022, following Russia's attacks on Ukraine, the price of Brent oil increased significantly, reaching over 100 USD per barrel, from around 92 USD per barrel before the start of the war, reaching levels of over 105 USD per barrel in the early days of the conflict. In the early days of the war, the price increase was between 8 and 12%./Monitor.al