The price of oil at retail outlets will increase to 224 lek per liter starting at 8:00 PM this Friday. Although the government announced a 20 percent reduction in excise duty on oil this morning, Albanian citizens will once again pay a higher price as the effect of the excise duty reduction has been swallowed up by the increase in oil prices on the stock exchanges.
According to today's Board decision, a liter of diesel will be traded in the retail market at 224 lek, up from 218 lek previously, an increase of 6 lek.
According to a normative act approved by the government, whenever the price of oil in the domestic market exceeds 220 lek per liter, then the oil excise tax is automatically reduced by 20 percent, or about 9 lek per liter, together with the effect of VAT.
Without the activation of the clause, which reduces the excise tax by 9 lek, the price of oil, according to the Board, would be 233 lek per liter.
For gasoline, the price remains unchanged at 181 lek per liter.
The Board's decision to increase the price of oil at retail outlets came after the previous day the price of oil on the stock exchange jumped by almost $200 per ton, reaching $1,617.
Editorial
