Fuel Price Rises by Approximately One Dinar Due to Oil Price Jump

Friday, 19. Feb 2021.

The jump of the price of raw oil has considerably increased the costs in the chain of the processing of oil and the distribution of oil products, so the average retail prices of all three types of fuel in Serbia last week increased by around a dinar per liter.

According to the Association of Oil Companies of Serbia (UNKS), for sixteen weeks in a row, the price of raw oil has had a tendency to grow, so a barrel of Brent, whose price was USD 37.46 on October 30, is now sold at nearly USD 65, an increase by 72%.

Since November, the total increase of the price of petrol and LPG Autogas in Serbia has been around six dinars per liter, whereas the price of diesel fuel has increased by eight dinars per liter, which is an increase of 5-8%.

This is the last structure of the retail price which entail old excise tax amounts, because, from February 15, new excise taxes are in force, harmonized with the growth of consumer prices in the past year.

Since excise taxes are calculated in the principal amount for the calculation of the VAT, the total increase of the charges is 0.98 dinars per liter of petrol, 0.91 for diesel and 0.7 for LPG.

UNKS says that the prices of fuel are also growing in the neighboring countries and adds that the pace of the change is determined by the market conditions, but that all countries have recorded a growing trend when it comes to fuel prices.

According to the data of UNKS, petrol and LPG are the most expensive in Greece, whereas Serbia is third when it comes to the price of these oil products. Diesel is the most expensive in Serbia, followed by Greece, Croatia, Hungary and Slovenia.

Source: eKapija

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