Konfindustria: Rising oil prices endanger GDP growth

TIRANA, Feb. 7 – Albania’s business community represented by Konfindustria is concerned the rapid increase in fuel prices seriously endangers government expectations of a 5.5 percent GDP growth rate this year. In a statement, Konfindustra warns that domestic production and the services sector will be the hardest hit from the rising oil prices. The Association estimates that the Albanian businesses and consumers face extra costs of more than 150 million euros a year from the unregulated fuel market. “The above mentioned figure does not include damage to machinery, equipment, environment and health caused by the quality of fuel in circulation which adds to economic losses for businesses and citizens.”
Few days ago, Konfindustria reiterated its request to government to establish a watchdog monitoring the fuel and liquid gas market in the country following the sharp increase in diesel and petrol prices during the past two months.
With an annual turnover of 800-900 million euros, the fuel market is one of the biggest industries in the country and has a direct impact on all sectors of the economy and citizen’s welfare.