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Repeal of the Fuel Board, Confindustria: No effect on price, due to oligopolies and cartel agreements

Politiko 2023-06-08 08:27:00

Repeal of the Fuel Board, Confindustria: No effect on price, due to oligopolies

The Council of Ministers decided yesterday to abolish the Transparency Board for Fuels.

Confindustria, in a reaction, declares that the abolition of the Board does not affect the reduction of the price of oil, due to the presence of oligopolies, lack of competition and cartel-type agreements.

"Confindustria, based on the abolition of the Transparency Board, estimates that the decision is not expected to bring any reduction in fuel prices in the market, on the contrary, it may worsen further. The reason for the above conclusion is the lack of free competition in the fuel market as a result of the presence of oligopolies and cartel-type agreements. A clear lack of competition standards can be observed especially in certain parts of the commercial chain such as port services, storage and wholesale fuel trade" , writes Konfindustria.

Confindustria repeats the request for the creation of the Fuel Regulatory Body according to similar models in the Region.

"The strategic fuel market has an annual turnover of over 11% of GDP with over $1.5 billion/year, being one of the largest in the Albanian economy.

Albania has the highest fuel prices on the continent and beyond. For example, in North Macedonia, where the fuel regulatory agency operates, the price of oil is 124 ALL/liter, while in Albania it is 176 ALL/liter, ie over 15-20 ALL/liter more expensive, taking into account the fiscal burden. Costs in the Albanian market increase even more due to poor quality standards and volume thefts at retail outlets.

The mass smuggling of fuel worth up to $300 million/year is quite problematic, accompanied by frequent violations of the embargo with countries such as Russia, Iran, Libya, etc., it is further stated .

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