Consumers in Albania are facing the increase of oil price, just few days after the price started to decrease. Retail points show that one liter of oil is being purchased by approximately 170 ALL / liter, 5 to 8 ALL more than the previous week. Local traders say the price is reflecting the increase of oil price in international markets, since according to BBC, the price of an oil barrel rose to $55, or 12% more than price recorded in January 2015.
The fall of prices of oil and gas was not reflected immediately in the Albanian market, but hydrocarbons continued to be sold with the same fixed price, which affected negatively in families’ economy. This caused many debates in parliament, due to the increase of circulation tax and the unfair competition of some producers which control the majority of the market. Global Petrol Prices, a site that monitors retail prices of fuels for world’s 180 countries, shows that in Albania oil prices dropped only during the second half of November, when an oil barrel was sold for $70 in the international market.
There are many speculations why the fall of oil price was not affected in the domestic market, but regarding some data published by the General Directory of Customs, this situation came due to the strengthening of USD currency, which is the currency traders use to purchase oil and gas products. Main traders of oil are often accused for the one sided behavior towards ultimate developments in the international markets, since at times of oil price increase, this is immediately reflected in the Albanian market, but the contrary happens when the price drops.
News source/photo credits: ATA
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