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For a week, the price of oil on the stock exchange has dropped significantly, the Board "forgets" to meet

2022-10-20 09:13:09Biznes SHKRUAR NGA REDAKSIA VOX

For a week, the price of oil on the stock exchange has dropped significantly,

Oil in the international stock markets has been in a downward trend for several days. Brent, the benchmark for European crude oil, has fallen to $90 per barrel, down from nearly $100 a few days ago. This is the lowest level since January of this year, before the sharp increase started as a result of Russia's attacks on Ukraine.

The other Platts indicator, which is the reference where Albanian importers buy, has dropped to $1,088 per barrel.

Despite the fact that the stock market prices have been falling for a week, the Transparency Board, which has been setting the majority and minority ceiling prices since the beginning of March, has not met.

The Board's last decision is dated October 12, when oil on the exchanges was $96 per barrel for the Brent indicator and $1,109/ton for the Platts indicator.

Currently, since October 12, oil is traded on the local market at 240 ALL per liter, in similar figures when oil on the stock exchange was around $1,200 per ton. According to the Board's explanations, this level is related to the performance of oil in international stock markets and the exchange rate of the dollar.

The Transparency Board began to intervene in the trading prices of oil, gasoline and gas on March 12, after prices on the domestic market jumped to 260 lek per liter in early March, from 192 lek at the end of February, following supply problems. with oil that was caused by Russia's attacks on Ukraine.

At that time on the stock market, oil jumped from $90 per barrel to nearly $140 per barrel, levels that have not been reached to this day.

In Albania, oil was more expensive on June 19, at 265 Lek per liter, only for one day and then fluctuated between 230-240 Lek per liter on average.

The lowest level was recorded for a few days from mid-September at 216 ALL per liter.

Currently, although oil has dropped to pre-war levels on the stock exchange, trading at around $90 per barrel, in the domestic market it remains 25% higher than in February.

Market operators claim that this trend is related to the performance of the Platts indicator, which has not followed the same pace as the Brent indicator (Platts is trading today at 1088 USD/ton, from 960 at the beginning of March), the appreciation of the dollar (119 to one dollar currently, from 112 at the beginning of March), the addition of transport and insurance costs due to the change in the geography of suppliers.

According to them, another factor is related to the Board's interventions, which do not enable traders to be flexible when there are price fluctuations in the market and take the risk themselves.

"In the way it is acting and interfering, the Board is doing the greatest possible damage to the enterprise, but also to the consumers, showing that they fail to understand how this market works, nor to be transparent. If it is found that there are abuses, the Board should intervene but should let the enterprise freely adapt to the situation in the international markets, where it depends.

Instead of using the new fiscal package with a fixed excise duty as it was, not reselling it with a branding concession, which expires next February, which would allow costs and therefore prices to be reduced, the Board continues to fix prices without no market logic", states the Association of Hydrocarbons Companies.

The association says that today all operators are buying in the market for daily needs, which limits both competition and the possibility to maneuver with reserves and prices. The association says that if the Board did not intervene, prices would undoubtedly be at least 5% cheaper.

Many operators claim that there has been an increase in bankruptcies of small points, while evasion has also increased and the quality of the fuel sold has deteriorated, which is evident from the black smoke that many vehicles emit on the roads.

Meanwhile, the excise duty on hydrocarbons, which for years was fixed at 37 ALL per liter, will be indexed to inflation from January 2022. "Excise duty calculated on the unit of measurement.... indexed every two years based on the announced rate of inflation for the previous two years", according to the specifications of the law. Its review, as inflation has reached record levels of 8%, may bring another price increase./monitor


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