Spajić: Montenegro has strategic reserves of petroleum products for about two months

Montenegro has strategic reserves of petroleum products which, along with commercial supplies, ensure market stability and normal consumption for about two months, announced Prime Minister Milojko Spajić.

"Thanks to the government's reforms from last year, Montenegro has strategic reserves of petroleum products, which represent an additional mechanism for security of supply, and together with commercial stocks held by individual economic entities, they ensure market stability and normal consumption for about two months," Spajić stated on the Iks network.

He reminded that a session of the Council for Ensuring the Secure Supply of Petroleum Products to the Market is scheduled for today.

Global oil prices have surged above $100 (€86, £74, AUD142) per barrel for the first time since 2022, as the fallout from the US-Israeli war with Iran continues to wipe 20 million barrels of oil off the market every day, the British newspaper The Guardian reports.

Montenegro is facing a complete shortage of fuel at the pumps in the next few days, especially Euro diesel, unless the Government repeals the regulation on retail pricing on Monday and allows free price formation, a request sent to the Government by the Association of Oil Companies.

According to information from "Vijesti", the largest suppliers have already announced the interruption of fuel supplies to their partners in Montenegro since Friday because Euro diesel is now about 40 cents more expensive per liter on international exchanges compared to the current price in Montenegro, meaning that traders have been losing 40 cents on every liter sold in the last two days.

The Association of Oil Companies of Montenegro (UNKCG) warned yesterday afternoon that there is a serious risk of an interruption in the fuel supply to Montenegro, because fuel prices from suppliers are 30 percent higher than the prices currently valid in Montenegro.

Minister of Energy and Mining Admir Šahmanović told TV Vijesti yesterday that he expects the price of Eurodiesel to increase by 14 cents, that there will be no shortage because the reserves that are being formed have enough fuel for a month, and that he knows that there have been suspensions of imports since Friday, but that others have continued with purchases.