In a decisive move to stabilize its energy market, Serbia has implemented a temporary export ban on crude oil, diesel, and gasoline. This measure, which emerged from an extraordinary session of the government, is set to remain in place until March 19, 2024, with plans for a reassessment of the situation thereafter.
The decision comes in response to increasing volatility in global energy markets, as highlighted by Minister of Mining and Energy Dubravka Đedović. The primary objective is to mitigate potential supply disruptions and curb excessive price hikes within the domestic market. Currently, retail fuel prices in Serbia are below international levels, prompting the government to prioritize the protection of both households and businesses amid rising global fuel costs.
President Aleksandar Vučić has expressed concerns regarding potential surges in crude oil prices due to international market dynamics. While standard market conditions would typically warrant a retail price increase ranging from €0.13 to €0.17 per liter, the Serbian authorities have limited this increase to a maximum of €0.03. This measure aims to alleviate inflationary pressures and lessen the financial burden on consumers and commercial entities alike.
The impetus for the export ban was further fueled by reports of fuel shortages at petrol stations in neighboring countries, raising alarms about possible spillover effects into Serbia. By curtailing exports, the government seeks to ensure that adequate fuel supplies remain accessible for local consumption.
In terms of reserves, President Vučić reassured citizens that Serbia’s strategic fuel stocks are robust enough to sustain approximately 90 days of diesel and gasoline usage, with kerosene reserves projected to last around 35 days. Notably, these reserves are bolstered by additional supplies sourced through the JANAF pipeline and extra volumes stored at the Pancevo refinery, indicating that actual reserves may be more substantial than previously reported.
