The availability of petroleum products in Montenegro remains secure, although the Ministry of Energy and Mining anticipates a possible increase in oil prices.

Given the escalating conflict in the Middle East and its potential ramifications for the global oil market, a Council meeting focused on ensuring a secure supply of petroleum was convened today, led by Minister of Energy and Mining, Admir Šahmanović.

“The supply of petroleum products in Montenegro is secure at this time. The Ministry is in constant communication with major suppliers in the Montenegrin market, and all evaluations suggest no cause for alarm regarding the continuity of deliveries. A rise in oil prices is expected, particularly if conditions worsen or if the Strait of Hormuz—a key shipping route for approximately 20 percent of world oil—is blocked. Presently, however, there are no specific indicators signaling a disruption in our region’s supply,” the statement continued.

Moreover, fuel prices in Montenegro are currently among the lowest in the region (alongside BiH) and one of the lowest in Europe.

Currently, diesel is priced at 1.30 euros per liter, which is 30 cents lower than in Serbia, 46 cents less than in Albania, and 12 to 13 cents lower than in Croatia and Slovenia.

“This advantageous position allows for some flexibility regarding any potential slight increases. The Ministry emphasizes that it will actively monitor market changes and fuel prices, while also cautioning against any unjustified hikes in the prices of goods and services linked to oil price fluctuations. Experience from 2022 showed that many price increases were prolonged and unfounded, despite current fuel prices being nearly 25 percent lower,” the Ministry highlighted.

The Ministry of Energy and Mining reaffirms its commitment to maintaining market stability and protecting the interests of Montenegrin citizens.

In this challenging geopolitical climate, it is stated that “our institutions are working together in a coordinated, proactive manner to guarantee the continuous supply and economic security of the nation.”

“In times of global instability, particularly concerning the oil market, all parties must demonstrate responsibility. We must not allow global crises to serve as a pretext for unjustified price increases. I remind everyone that in 2022, various goods and services saw price hikes without a valid justification, and those prices remain elevated despite fuel costs being nearly 25 percent lower now. Such behavior is irresponsible,” stated Šahmanović.

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