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HomeEconomyGasoline more expensive since midnight, process of achieving conditions for forming oil...

Gasoline more expensive since midnight, process of achieving conditions for forming oil reserves begins

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Gasoline Prices Rise Since Midnight as Efforts to Establish Oil Reserves Commence

Illustration, Photo: Shutterstock

The prices for Eurosuper 95 and 98 will rise by two cents starting at midnight, bringing the costs to 1.52 and 1.56 euros per liter, as announced by the Ministry of Mining, Oil and Gas.

The price of Eurodiesel will remain unchanged at 1.43 euros per liter, while heating oil will decrease by three cents, now costing 1.36 euros per liter.

The next price review is scheduled for February 24.

The Ministry has also stated that it will commence efforts to create the necessary conditions for establishing strategic reserves of petroleum products by implementing a fee on the retail price of these products.

“Establishing mandatory oil reserves is essential for ensuring Montenegro’s energy security and safeguarding against potential global market crises. This initiative will help the country effectively respond to unexpected supply disruptions, whether they arise from geopolitical tensions, natural disasters, or market fluctuations,” the statement mentioned.

Furthermore, it was noted that the establishment of reserves aligns with European Union standards, where member states are required to maintain strategic oil inventories to promote market stability.

“While forming these strategic reserves does entail a financial investment, it is crucial to highlight that this investment proves beneficial in the long term by enabling the government to act promptly in crisis situations, thereby protecting the economic interests of the citizens,” the statement elaborated.

The announcement indicated that the decision to create strategic fuel reserves represents the Government’s responsible approach towards enhancing Montenegro’s energy security.

“We want to note that the fee will be collected by petroleum product importers and serves as a legally established mechanism for financing reserves, alongside the EC’s direct budget support aimed at combating the energy crisis, which includes 7.5 million for this endeavor,” reported the Ministry.

Additionally, the process of selecting a contractor for the renovation of the warehouse is currently underway.

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