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From Kastrati, Gega, Çukaj and Kuqi: Who are the oligarchs who are abusing the price of oil

2022-10-12 19:24:14Fokus SHKRUAR NGA REDAKSIA VOX
From Kastrati, Gega, Çukaj and Kuqi: Who are the oligarchs who are
Kastrati and Gega, two of the oil oligarchs in Albania

Today, a liter of diesel in Albania is being sold at 245 lek per liter, which is the ceiling set by the transparency board in the last decision.

The board's decision followed the announcement by major oil producers, led by Saudi Arabia, to cut 2 million barrels of daily production. But, as is always abused in the Albanian markets, if the sneeze happens in Arabia, Albania gets cold and the board accused of being controlled by the oligarchs immediately increased it by 22 lek.

Is there a reason to stay at this price? According to calculations in the international markets, a liter of diesel fuel increased by 17 lek, the day the board in Albania increased it by 22 lek. The difference of 5 lek is justified by the elastic part of the price that is left to the retailers to earn.

The problem is that those who are the main importers are also the main sellers in the retail market. Shefqet Kastrati, Paulin Gega, Frident Kuqi and Behar Çukaj of Bolv Oil. The dominant position in the market and keeping the price at the ceiling set by the board, despite the fact that the prices on the stock exchange have not increased with the same step, proves that the market is controlled by them.

They, after determining the price through the control they have on the transparency board, also determine the level of retail sales in the market. Kastrati has the vast majority of the pie of the fat profits they share, others follow by supplying themselves at his source.

The source is the Port of Porto Romano, from where 75 percent of the country's fuel is imported. The port is owned 65 percent by Shefqet Kastrati and 35 percent by Frident Kuqi through Europetrol.

This is the first and main reason why oil in Albania has the highest price in Europe and among the highest in the world. The second reason is that this price also suits the government, which collects 4.6 lacs more VAT per liter only as a result of the recent board increase. In total, the taxes on a liter of diesel have gone up to 130 lek, or more than 50 percent of the price.

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