Petroleum products were supposed to become cheaper yesterday, with Eurodiesel being reduced by three cents per liter and both types of gasoline by one cent each, but due to the introduction of a new three-cent fee for the formation of the state's oil reserves, the price of gasoline increased by two cents, while Eurodiesel remained the same price.
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Fuel prices are adjusted every 14 days based on the movement of derivative prices on the international stock exchange and the dollar-euro exchange rate, and then fixed costs such as excise duties, VAT, allowed small-scale margin, port and freight costs are added to that amount...
However, on Friday, an amendment to this regulation was published in the Official Gazette, which added a fee of three cents per liter of gasoline and Eurodiesel to the calculation for the formation of mandatory reserves of petroleum products, which led to a change in the calculation formula, so the expected price decrease due to the decline in international stock markets turned into an increase due to the introduction of the new fee.
This is the fourth consecutive increase in fuel prices in Montenegro since December 31. Since then, gasoline prices have increased by a total of nine cents and Eurodiesel by eight cents.
In neighboring countries, prices of petroleum products will decrease starting yesterday or during the week.
In Croatia, starting tomorrow, the price of Eurosuper will be two cents lower and will cost 1,51 euros, which is one cent less than in Montenegro, while Eurodiesel has fallen by four cents and will cost the same as in Montenegro.
In Bosnia and Herzegovina, new fuel prices, lower by two to five cents, will start to be applied at the end of the week. A liter of Eurodiesel currently costs an average of 1,29 euros in this country, depending on the entity, so with the new reduction it will be cheaper by about 17 cents compared to Montenegro. Super 95 in BiH costs an average of 1,27 euros and super 98 1,38 euros, i.e. it will be 27 to 20 cents cheaper than in Montenegro.
Fuel prices in Serbia are adjusted on Fridays, so prices are also expected to drop by two to four cents per liter by the end of this week. The price of Eurodiesel in this neighboring country now costs 1,7 euros, while gasoline prices are 1,58 euros. Serbia has one of the highest fuel prices in the region.
The Ministry of Mining, Oil and Gas announced yesterday that it is beginning the process of achieving the conditions for the formation of strategic reserves of petroleum products, through the collection of a fee on the retail price of petroleum products.
The government previously decided to shift the costs of securing and storing state oil reserves to citizens and businesses by paying a special fee of three cents per liter. These future reserves would be stored in oil storage facilities in Bar, which have been used since 2003 by Jugopetrol, which lost a dispute with the state and is to hand them over to the state-owned company Montenegrobonus. A tender for the adaptation of oil reservoirs is underway. This is a tender for the execution of works and supervision of the works, which should last nine months, as previously explained by the government.
Oil companies Jugopetrol, Ina Montenegro and Petrol Montenegro will be obliged to form oil reserves together with the state this year and the Ministry of Mining, Oil and Gas will deliver instructions on the quantity and structure of these reserves to them by the end of March. Importers have a deadline of 200 days from the date of delivery of the instructions to form mandatory reserves.
"The formation of mandatory oil reserves is crucial for ensuring Montenegro's energy stability and protection from potential crises on the global market. This measure allows the country to mitigate the consequences of sudden supply disruptions, whether caused by geopolitical crises, natural disasters or market instability," the statement reads.
They say that, in addition, the establishment of reserves is in line with EU practices, where member states are obliged to maintain strategic oil stocks to ensure market stability, and that the selection of a contractor for the reconstruction of oil storage facilities is underway.
While introducing new taxes on citizens, the Government previously amended the regulations to exempt yacht and ship owners from paying excise duty on fuel, which normally ranges from 44 to 55 cents per liter.
The government's explanation is that they are doing this as an incentive for the development of nautical tourism.
Owners of these vessels were exempt from excise duties until June 2022, when excise duties were introduced for them at the proposal of then-Finance Minister Aleksandar Damjanović. The ministry calculated at the time that the state budget lost around 2018 million euros from 2022 to July 59 due to uncollected excise duties and value added tax (VAT) on the sale of fuel for yachts and ships.
The Ministry of Finance, headed by Novica Vuković, did not specify how much this measure will reduce budget revenues. These privileges for yachtsmen will be valid until the country joins the European Union.
While introducing new taxes on citizens, the government previously exempted yacht and ship owners from paying excise duty on fuel, which normally ranges from 44 to 55 cents per liter, by amending the regulations. The government's explanation is that they are doing this as an incentive to develop nautical tourism.
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