"Board of Ceti sits and watches"/ Oil on the stock market falls to pre-war levels, in Albania it does not change

2022-08-17 09:44:36Biznes SHKRUAR NGA REDAKSIA VOX
"Board of Ceti sits and watches"/ Oil on the stock market falls to
Businessman Shefqet Kastrati

Oil prices on international exchanges have fallen sharply in the past week, falling to pre-war levels, as a result of weaker-than-expected data on the performance of the US and Chinese economies.

A barrel of oil, the European oil benchmark, is trading at around $92 a barrel, at January levels, down from $100 a week ago and $110 in early August.

Even the reference indicator of refined oil, Platts, which companies import in Albania, has dropped to 900 dollars/ton, from 930 dollars per ton that was a week ago.

From March 12, ceiling retail and wholesale prices traded in the country are set by the Transparency Board established by the government, based on a formula that takes into account the purchase price on stock exchanges, taxes, operating costs, profit margin, exchange rate of dollar (the currency with which oil is bought on the stock market).

The history of these five and a half months that the prices are set by the Board has shown that the mechanization created by the government to control the prices and make it transparent has failed to perform any of these functions.

For example, currently, although the price has been falling on the stock market for about a week, in the local market the last change of the Board was on August 11, in an upward direction, where oil increased by 5 Lek per liter, being traded at 221 Lek per liter , from 216 lek that was before.

Gasoline also became more expensive by 2 lek per liter, reaching 202 lek per liter. In its announcement, the board clarified that it has strictly adhered to the movement of the Platts Mediterranean stock exchange for diesel, gasoline, as well as the official invoices of the operators. "The Ministry of Finance feels the obligation to clarify the public opinion, that not every movement of the crude oil exchange is reflected at the same time and to the same extent in the diesel and gasoline exchange," the announcement said.

But, currently, as the prices on the stock exchanges have been falling sharply for several days, the Board is watching...

The market operators, meanwhile, have claimed that if they set the prices themselves, they would be more flexible in prices because they would make longer-term purchases, while currently they are only buying on a daily basis./Monitor

"Board of Ceti sits and watches"/ Oil on the stock market falls to
CHART: Brent index on stock exchanges over the last 6 months (USD/Barrel)

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