Fuel prices in Albania have decreased by about 10 lek per liter in the past two weeks. Currently, oil is trading at 183-189 lek, down from almost 200 lek per liter it had reached earlier.

Initially, prices dropped by 4-5 lek per liter about two weeks ago, and in recent days, they have further reduced by another 5 lek per liter.

This is the first time that fuel prices have shown a downward trend in the country since May, when prices increased several times in a row from the lowest level in over a year, around 170 lek, reached at that time.

In June 2023, the Transparency Board that set the maximum fuel prices was abolished. It was created in March 2022 when fuel prices increased rapidly following Russia’s attack on Ukraine, reaching a record 245 lek per liter in April 2022.

Since the abolition of the Board, prices have increased several times in the country, reflecting no decrease, although they had fluctuations in international markets. This is the first time that operators are reducing fuel prices.

In international markets, prices have significantly dropped from 95 US dollars per barrel, reached in mid-September, to around 75 US dollars per barrel currently. Prices on the exchanges have fallen to the lowest level in the last 6 months, as a result of concerns about high production levels and the decrease in consumer demand due to still high prices.

According to early forecasts, global demand for oil is expected to be weak throughout 2024.

The U.S. Energy Information Administration (EIA) lowered its 2024 price forecast for Brent crude oil (the European oil benchmark) by 10 US dollars per barrel. Brent is expected to average 83 US dollars per barrel, according to the administration’s monthly report, compared to an estimate published last month of 93 US dollars per barrel.