Albanian market reflects oil price increase immediately

Albanian market reflects oil price increase immediately

The oil price is raising once again in Albania. One liter is being sold from 166 to 170 ALL, or 5 to 8 ALL more than one week ago.

Traders say that the price has increased due to international markets. After a long drop, the oil price started raising again. According to BBC, the oil price has reached 55 USD, or 12% more since January.

Even this time, the domestic market has reacted unfairly. The oil price started falling since the last summer, after it reached a record of 115 USD per barrel in July. Two months later, the price dropped at 85 USD, or with 26%.

But oil in the Albanian market was being sold with the same price.

According to Global Petrol Prices, a site that monitors retail prices of fuels in 180 countries of the world, the price dropped in Albania only during the second half of November, when it reached 70 USD in the international market.

Official data from the Directory of Customs, published some time ago by Top Channel, showed that one of the reasons that the price wasn’t changing was the strengthening of dollar, the currency used for purchasing oil. But 9.6 ALL were kept by sellers as additional profit.

But when the price increases, it doesn’t take so long for the Albanian market to reflect it. It reacts almost immediately, as shown by the recent case.