Transparency Board for Fuel Prices Re-established

In an effort to cut fuel prices, the government has agreed to reestablish the Transparency Board for fuel prices. This will activate the process for lowering the excise duty when fuel prices surpass ALL 220 per liter.
Following the Council of Ministers meeting, Minister of Economy and Innovation Delina Ibrahimaj declared that the decision was made since petrol prices had been at ALL 222 per liter for more than two weeks.
The minister claims that the re-establishment of the Board makes it possible to apply the excise tax reduction mechanism, which is activated once fuel prices surpass ALL 220 per liter under a normative act that was previously established.
In compliance with the applicable laws, the Board will keep a close eye on the hydrocarbons market and pricing margins.
Minister Ibrahimaj underlined that the Board’s operations are not subject to a time constraint. It will continue to operate for as long as market developments require it. She emphasized that, in accordance with talks with the International Monetary Fund, the necessity for extra monitoring systems will be reevaluated if prices stabilize at a sustainable level.