The supply of petroleum products in Montenegro is not currently threatened, and it is expected that oil prices could rise, the Ministry of Energy and Mining announced.
In light of the current escalation of the conflict in the Middle East and its potential effects on the global oil market, the Council for Ensuring the Secure Supply of Petroleum Products to the Market was held today, chaired by the Minister of Energy and Mining, Admir Šahmanović.
"The supply of petroleum products in Montenegro is not currently threatened. The Ministry is in direct communication with all major companies supplying the Montenegrin market, and all assessments indicate that there is no reason for concern when it comes to the continuity of deliveries to Montenegro. It is expected that oil prices could rise, especially if the situation worsens further or the Strait of Hormuz is blocked - a strategic route through which about 20 percent of world oil trade passes. However, at this moment there are no concrete indicators that would indicate a direct disruption in the supply of our region," the statement said.
It is added that fuel prices in Montenegro are currently the lowest in the region (along with BiH) and one of the lowest in Europe.
Diesel currently costs 1,30 euros per liter, which is: 30 cents lower than in Serbia, 46 cents lower than in Albania, 12 to 13 cents lower than in Croatia and Slovenia.
"This starting position provides a certain cushion for possible slight increases, if they occur. The Ministry specifically emphasizes that it will closely monitor changes in the market and fuel prices, but draws attention to possible unjustified increases in the prices of goods and services that may be related to changes in the price of oil. The experience from 2022 has shown that many price increases were long-term and unjustified at that time, although the prices of derivatives are currently at a significantly lower level - almost 25 percent lower."
The Ministry of Energy and Mining adds that it remains fully committed and will work to preserve market stability and protect the interests of the citizens of Montenegro.
It is also stated that in this challenging geopolitical moment, "our institutions are acting in a coordinated, proactive and responsible manner to ensure the continuity of supply and the economic security of the country."
"In times of global uncertainty, especially when it comes to the oil market, it is important for all actors to show responsibility. We must not allow global crises to be used as an excuse for unjustified price increases. I would like to remind you that during 2022, numerous products and services became more expensive without a realistic basis, and that these prices have not returned to their previous level - even though fuel prices are now almost 25 percent lower. Such a practice is irresponsible," said Šahmanović.
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