Oil Price is Up due to Relicensing Tax and Stock Market Rise

TIRANA, October 21

Oil price in Albania is up Lek 5 per litre compared to a few days ago. At the gas stations of the largest operator in the oil retail and wholesale market, the pump price is Lek 167 per litre. Even the gasoline price is up Lek 5 and one litre is sold Lek 168.
This is the third time in 2016 that the retail price of fuel increases. Market operators say that there are two reasons why prices are up. At first, they mention the rise of oil price in the international stock indexes. Currently, the price 52 dollars per barrel oil.
Secondly, municipalities have started to collect the tax on gas stations relicensing. So far, Lek five million were collected in Tirana and two million in other districts. This tax increased in January 2016 following a decision adopted by the Council of Ministers. Operators said that this tax would cause a rise of Lek 4-5 per litre in the final price. Even though they filed a suit in the Constitutional Court, operators lost hope that it will issue a decision in their favour.

New Source: Monitor