Four oil companies have their licences revoked

TIRANA, March 16 – Four wholesale oil companies have had their licences revoked after inspections carried out by Economy Ministry showed they traded crude diesel not meeting legal and technical standards. The Economy Ministry has also decided to temporarily suspend the licenses of seven other companies on the same grounds.
The controls carried out by the Central Technical Inspectorate came after a working group was set up two investigate into the oil companies operating in the country following allegations by some companies of unfair competition from the sale of crude oil. Oil importers said the change by only 1 percent in the percentage of sulphur allowed by the government decision meant an additional 15 percent cost. “This creates inequality on the market, meaning that if the companies import fuel with a suphur percentage at only 1 percent above the standard, they win not less than 120 USD/tonne,” said the Association of Hydrocarbon Companies earlier.
Oil prices continue remaining at their highest historical levels in Albania even during the beginning of this year with diesel and petrol sold in some petrol stations up to 170 lek/litre (1.7 dollars). Experts explain the situation with soaring prices in international markets where prices are reported to have reached more than 100 dollars per barrel, and the depreciation of the national currency, lek, against the US dollar and the euro.
The high tax burden, with excise tax currently at 37 lek/litre, VAT at 20 percent, the newly increased carbon tax, port taxes and transport expenditure all add to the final price.