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The Transparency Board has decided to increase the prices of oil and gasoline, after their increase in international stock exchanges. According to the latest decision, taken today, a liter of retail oil will be traded at 226 ALL per liter, from 2019 ALL per liter that was until now. The decision will take effect at 6 p.m.
The price of gasoline, which will be traded at 209 ALL per liter, has increased slightly, from 205 ALL per liter until now. The price of gas has remained unchanged at 115 ALL per liter, the highest level ever recorded.
On the stock exchange, a liter of oil is trading at $ 106 a barrel, up from about $ 100 when the Board made its final decision on April 8. At the beginning of March, oil prices in the country reached record levels of about 260 ALL per liter, while with the start of Russia’s attacks on Ukraine on fuel exchanges reached 130 dollars. In the first week of March the Transparency Board was set up by the government, which periodically sets wholesale and retail ceiling prices on which traders cannot operate.
Market operators complain that with these interventions, the Board is knocking out the free market, depriving companies of the opportunity to soften price movements, which depend on many factors such as the daily price, the exchange rate, making businesses not only do not earn, but also sell below cost.
According to the Association of Hydrocarbon Companies, about 160 points have been closed so far. According to them, it would be more beneficial for the market, if the fixing of prices was lifted and controls were increased to catch abuses that may occur in the market. Fixing prices is not allowing businesses to maneuver when stock markets may have their cuts, or hedged against increases. The association warns that if this situation continues they will be forced to cut supplies, causing shortages in the market.
Expectations in stock exchanges are for further increase of oil prices, after the end of the effects of the US statements on the use of reserves.
/abcnews.al
