The price of oil has experienced its highest increase since May, reaching 1.69 euros. The president of the Chamber of Commerce considered this change high and demanded that the government take action.
The price of oil has risen by nine cents in Kosovo, compared to the value it had at the beginning of the week, reaching 1.69 euros.
The President of the Chamber of Commerce, Lulzim Rafuna, says that the price increase will have a direct impact on citizens and businesses in Kosovo.
"It will affect because the increase in the price of derivatives, for business it is an operating cost, everything is connected, just like electricity. In any movement of derivatives and oil, it will undoubtedly move the cost of the product or the cost of local production, as well as the provision of services," said Rafuna.
According to him, the sectors most affected by this increase are agriculture, construction, the freight transport sector, and urban traffic.
Rafuna has requested that the incumbent government take actions that would facilitate the business sector.
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Oil at highest price since early May
"Even last time when we had an increase in the price of fuels, we requested the Kosovo government to take action, especially in reducing the excise tax, or the value added tax, because all countries in the region, but also many countries in the European Union, took action where some sectors that were most affected, such as the agricultural sector, the goods import sector, the production sector, these sectors were exempt from the excise tax, or the value added tax rate," said Rafuna.
And according to economist Fidan Qerimi, the current price of oil is unaffordable for the citizens of Kosovo.
"In the case of Kosovo, the current price is very heavy for the budget of the families of Kosovo citizens, because incomes are extremely low, and prices are not dependent on domestic markets, but prices are from international markets," he said.
Qerimi also assessed that actions are needed from the government, which would exempt certain influential categories from excise or VAT taxes.
And, the president of the Chamber of Commerce has requested that the country's institutions be cautious, so that the increase in oil prices is affordable for businesses, while assessing that the change in the price of fuels in the coming weeks depends on the situation in the Strait of Hormuz, namely the war in the Middle East.
The highest price since the start of the war in the Middle East was reached in Kosovo on April 9, when a liter was sold for 1.91 euros.
The price of oil on international stock exchanges has been volatile this week, as a result of the intensification of the US-Iran war.
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Oil price rises 14 cents in one week, economists call for measures
On Thursday, according to the stock exchanges, the price rose above $100 per barrel, while on Friday it traded at $97 per barrel, but still remains 10 percent higher than it was at the beginning of the week.
Rezana Bozhlani
