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Oil in Albania, more expensive than in Singapore

2024-09-29 15:33:00, Ekonomi CNA
Oil in Albania, more expensive than in Singapore
Illustrative photo

Albania is the first country in the Region, the fifth in Europe and the eighth in the world for the highest price of oil.

Data from the "Global Petrol Prices" platform, a liter of diesel in the country costs $1.98, this price is more expensive even compared to Singapore, which has a per capita income of over $85,000.

Hong Kong is the country where oil costs the most, $3.14 per liter, followed by Monaco and Central Africa.

"Therefore, it is necessary for the institutions to intervene in order to attack oligopolies so that citizens have more normal prices", says Mikela Qafa, expert on the economy, for A2.

Each liter of diesel that is sold at gas stations is composed of the price at which the fuel is bought on the stock market and the taxes and fees that are applied by the government. Data from the Platts exchange show that the price of oil has fallen to $667 per ton from $713 at the beginning of the month.

Since the material is bought in dollars, the change in the exchange rate is an important factor in determining the price. According to the exchange rate of the Bank of Albania, this month the dollar has depreciated by several points, why is the price of oil not reduced in the country?

"Since the demand for products continues to grow, this consequently brings high prices from fuel stations", emphasizes Stafa.

In Albania, in addition to the fluctuations in the price of hydrocarbons in the stock market, the taxes and fees included in each liter of diesel and gasoline traded are estimated to affect the high sensitivity of the increase in the price of these products. Currently, more than 62 percent of the value of a liter of oil and gasoline consists of local and central taxes./ A2CNN





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