At the beginning of March, oil prices reached unaffordable levels for the majority of consumers.

The government intervened by setting up a board that directed suppliers to only sell oil at a fixed price that changes periodically on a weekly or bi-weekly basis.

This Transparency Board was tasked with approving a fixed price of oil, gasoline, and gas and during the first meetings, the price went down considerably thus allowing the market to breathe.

However, with each consecutive board meeting, the price is going up again.

Every decision made by this board is meant to be temporary as it only comes into force for 2 to 5 days at a time.

According to board members, they are forced to keep upping the price due to the global stock market.

On March 9, hundreds of citizens initiated a series of protests against the steep rise of oil prices which reached 270 ALL or €2.22 euros per liter, along with what they’re calling the government’s mismanagement of the economic crisis.

The Rama administration has said that it won’t change any of the hydrocarbon taxes – a message that automatically keeps oil prices above 200 ALL or €1.64 euros, at least until the Russia-Ukraine war is over and markets can start going back to normal.

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