Economy expert, Fatos Cocoli told Euronews Albania that the surge in the price of oil in our country came as a result of the rise in demand and consumption all throughout last year.
But, according to Cocoli, the increase in prices is abusive because it’s a result of what he called a “lack of oil elasticity, where we see a price drop like the one we saw last year, and a surge in prices like the one we’re seeing right now”.
The expert also added that prices could continue rising further in our country.
“I’m afraid that the price of oil will reach $90 US dollars per barrel. Seeing the lack of government initiative on price control or something like a price cap regulation, leads me to believe that the price of oil in our country will continue to soar,”- he said.
Cocoli also added that companies should meet their legal obligations and have at least 3 months’ worth of oil stored up, in order to avoid a surge in prices, regardless of the stock market fluctuations in the price of oil.
In addition, Cocoli noted that applicable institutions should also take it upon themselves to check on oil companies in the country.
Fuel prices in Albania have been going up for the past couple of months. Oil has gone up by 15-20 ALL per liter.
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