March 27, 2026
by in News

Fuel Importers Warn of Supply Disruptions as Government Price Caps Fall Below Cost in Albania

Following yesterday’s decision by the Transparency Board, which set retail fuel prices in the country at 203 lek per liter for diesel and 175 lek per liter for gasoline, down from 214 and 199 lek respectively, and wholesale prices at 191 and 163 lek per liter, major fuel importers have responded.

They have warned the Ministry of Finance and Economy and the Ministry of Infrastructure and Energy that, in order to avoid selling below cost and suffering very large losses, they are forced to take temporary measures, specifically:

  • Suspending and limiting wholesale sales of diesel and gasoline;
  • Slowing down and restricting the customs clearance process for fuel in Porto Romano until further notice.

Monitor is in possession of at least two letters that the importing companies sent today to the Ministry of Finance and Economy and the Ministry of Infrastructure and Energy.

The importers justify this decision by arguing that the retail prices set by the Transparency Board are below cost.

In the letter, they explain that following the latest publication of prices by the Transparency Board on March 26, 2026, which set the ceiling wholesale price for diesel at 191 lek/liter and for gasoline at a maximum of 163 lek/liter, they wish to inform the authorities of the significant issues related to the method used to calculate these prices.

According to the importers, the calculation is based on the formula used in 2022, which does not reflect current market conditions and, in particular, the contracts currently in force with our suppliers. As a result, the prices set do not reflect the actual costs that currently determine the price of one liter of diesel and gasoline for wholesale trade.

Market close on March 26, 2026:

Diesel = $1,402.5/ton, up by $134.75/ton
Gasoline = $1,037.25/ton, up by $49.25/ton

Based on the current premiums we have:

Diesel = CIF + $55/ton
Gasoline = CIF + $75/ton

Today’s costs are:

Diesel = 206.2 lek/liter
Gasoline = 169.7 lek/liter

With a gross margin of 3 lek/liter, today’s wholesale selling prices should be:

Diesel = 209.2 lek/liter
Gasoline = 172.7 lek/liter

Therefore, there is a very large gap between the prices that should apply today and the selling prices set by the Transparency Board. Specifically, diesel is 18.2 lek/liter higher, while gasoline is 9.7 lek/liter higher, the importers state in the letter obtained by Monitor.

In their letters, the importers have requested that the “Transparency Board for the temporary limitation of wholesale/retail prices of petroleum subproducts and gas” be convened as soon as possible to approve new selling prices for gasoil and gasoline.

They also call for a revision of the calculation methodology, so that the price is applied under CIF Med conditions, with the premium for gasoil calculated at +$50/ton and for gasoline at +$75/ton.

2- Gross margins should be calculated as follows: for gasoil, +3.5/liter wholesale and +15/liter retail; for gasoline, +4.5/liter wholesale and +16/liter retail.

Retail prices were reduced today

Earlier today, following the Transparency Board’s decision, retail diesel prices at fuel stations fell by 11 lek per liter. From 214 lek per liter, diesel is now being sold at 203 lek per liter. A price drop was also recorded for gasoline: from 199 lek per liter previously, the price today has fallen to 175 lek per liter.

Earlier, importers had warned that if prices were reduced to cost, they would suspend supply, since the government cannot pass on all the costs of the war to them. “Cost cannot be what is determined by a board, but what is actual, proven by contract, supplier invoice, and therefore by the value of the transaction, and this value is used as a reference by customs for VAT purposes. No board or entity has the legitimacy to order a business to sell below cost,” said Luigj Aliaj of the Association of Hydrocarbon Companies.

In Albania, fuel prices are 30–40% higher than in neighboring countries, but according to importers this is explained by the heavy tax burden applied to fuel prices. In total, an Albanian currently pays 1.16 euros in taxes per liter of diesel, or 53% of the final price; a Macedonian citizen pays 0.58 euros per liter, or 36% of the final price; a Montenegrin pays 0.55 euros, or 35%; and a citizen of Kosovo pays 0.67 euros, or 38.5% of the final price. Importers also say that the 20% excise tax reduction, which was expected to lower diesel prices by 8–10 lek per liter, has not yet entered into force.

This has led many vehicle users to refuel in neighboring countries, spending up to 1 million euros per day.

January 15, 2026
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Gazprom’s NIS can restart Serbian refinery as US suspends sanctions

Croatian oil pipeline operator JANAF said it received a license from the United States and that it is prepared to resume supply to NIS. The Serbian company, controlled by Russian state-owned Gazprom, came under American sanctions and ceased fuel production a month ago.

Serbian officials announced that the Office of Foreign Assets Control of the US Treasury Department has issued a license to NIS – Naftna industrija Srbije – to restart operations at its refinery. They said the approval lasts until January 23. It means the country’s only refinery can work again after almost three months since oil deliveries ceased.

The Serbian company, controlled by Russian state-owned Gazprom, came under US sanctions in January. After several postponements, the punitive measures came into force in early October. The oil refiner and fuel station chain operator halted production a month ago.

Croatian state-owned oil pipeline operator Jadranski naftovod (JANAF) said it has obtained a US license, valid also until January 23, in cooperation with the Government of Croatia. The company is “fully prepared to immediately ensure uninterrupted transport and supply of crude oil to the Pančevo refinery,” the announcement reads.

Serbian public broadcaster RTS learned from unnamed sources familiar with the matter that President Aleksandar Vučić earlier spoke to OFAC and the US Department of State, as well as with Hungarian Prime Minister Viktor Orbán. The negotiations between Gazprom and Hungarian MOL about the sale of the entire Russian majority stake could be completed before the license expires, according to the report.

Notably, it could take several weeks to restart the refinery, located near Belgrade.

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December 20, 2025
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European Commission proposes easing 2035 car emissions rules

The European Commission has proposed a new Automotive Package that aims to give carmakers greater flexibility in meeting emissions reduction requirements. The new rules would lower the emissions cut target from 100% to 90%, allowing the sale of hybrid and internal combustion vehicles after 2035.

From 2035 onwards, carmakers will need to comply with a 90% emissions reduction target, while the remaining 10% emissions will need to be compensated through the use of low-carbon steel produced in the European Union, or from e-fuels and biofuels, according to a press release from the commission.

“This will allow for plug-in hybrids (PHEV), range extenders, mild hybrids, and internal combustion engine vehicles to still play a role beyond 2035, in addition to full electric (EVs) and hydrogen vehicles,” reads the announcement.

Carmakers will be incentivized to produce affordable EVs

The commission is also proposing “super credits” to incentivize carmakers to produce small, affordable electric cars made in the European Union. This measure would be in place until 2035.

Hoekstra: The EU is staying the course towards zero-emissions mobility

European Climate Action Commissioner Wopke Hoekstra has said the EU is staying the course towards zero-emissions mobility, but introducing some flexibilities for manufacturers to meet their CO2 targets in the most cost-efficient way.

The move comes amid pressure from car manufacturers, who claim their business is threatened by competition from China and the United States, according to reports.

The move comes amid pressure from European carmakers

Several EU member states – Germany, Italy, Bulgaria, the Czech Republic, Hungary, Poland, and Slovakia – say their automakers are struggling with high energy prices, a shortage of components, including batteries, and weak demand for electric vehicles.

The proposal includes a EUR 1.8 billion package to help develop a fully EU-made battery value chain and tackle competition from outside the bloc. As part of the accompanying Battery Booster package, EUR 1.5 billion will be disbursed in interest-free loans to European battery manufacturers, according to the press release.

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November 17, 2025
by in News

US torpedoes Lukoil’s deal to sell its overseas business to Gunvor

The United States Department of the Treasury said it wouldn’t allow Gunvor to “operate and profit,” calling it “the Kremlin’s puppet.” The energy trader responded that the statement is “fundamentally misinformed and false,” but it withdrew its proposal for Lukoil’s international assets.

For a minute it seemed that a potential fuel crisis in Europe – especially in the southeast – was going to be prevented. Russian oil company Lukoil, which came under US sanctions, agreed late last month to sell its foreign assets to Gunvor Group. The proposed transaction could have become a model for the resolution of sanctions against Serbia-based NIS, which operates the country’s only refinery and the largest chain of service stations.

A comprehensive reshuffling of Russian energy business in Europe apparently depends on peace negotiations for Ukraine with the administration of President Donald Trump. Amid a lack of progress, it scuttled the acquisition.

“President Trump has been clear that the war must end immediately. As long as Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a license to operate and profit,” the Treasury Department said.

Gunvor scraps Lukoil deal after US threat

Gunvor, one of the largest energy traders in the world, is registered in Cyprus. The company, which operates out of Geneva and several other offices, gave up on the deal.

“The Treasury Department statement about Gunvor is fundamentally misinformed and false. Gunvor is and has always been open and transparent about its ownership and business, and has for more than a decade actively distanced itself from Russia, stopped trading in line with sanctions, sold off Russian assets, and publicly condemned the war in Ukraine. We welcome the opportunity to ensure this clear misunderstanding is corrected. In the meantime, Gunvor withdraws its proposal for Lukoil’s international assets,” the firm said.

Swedish billionaire Torbjörn Törnqvist, Gunvor’s CEO, owns a 85% share

Chief executive officer Torbjörn Törnqvist, a Swedish billionaire, owns 85% of the company. He co-founded it in 2000 with Russian businessman Gennady Timchenko, who sold his stake to his partner in 2014 after coming under US sanctions himself.

Russia reacted to the US Treasury Department’s new accusations by calling the trade restrictions illegal.

Refinery in Romania not attractive for purchase

Lukoil’s facilities up for sale include the largest oil refinery in the Balkans – Lukoil Neftohim Burgas in Bulgaria, as well as the Petrotel-Lukoil refinery in Romania. The Russian company also has fuel retail networks in Romania, Bulgaria, Turkey, North Macedonia, Croatia, Serbia, and Montenegro.

Notably, the refinery in Romania doesn’t seem to be attractive for possible buyers, Profit.ro reported. It is designed for processing the Russian Ural type of oil, rich in sulfur. Adaptation to sweeter crude would require major investments, maybe bigger than for an entirely new refinery, according to the article.

A crucial factor as well is that Lukoil’s businesses abroad were worth an estimated USD 22 billion in 2023, over three times more than Gunvor.

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