Serbia bans oil exports until March 19, Croatian Government introduces fuel retail price regulation until March 24

(Patria) - To protect the domestic market from shortages and price hikes, the Government of the Republic of Serbia, at an extraordinary session this morning, decided to ban the export of oil and all petroleum products for engine fuel. The decision is valid until March 19.

"The ban applies to the export of diesel, gasoline, and crude oil by all means of transport until March 19, after which we will make further decisions. The essence of this ban is to protect the domestic market from shortages and price hikes, due to global disruptions in the world market," stated the Minister of Mining and Energy, Dubravka Đedović Handanović.

She also reminds that Serbia is a country where citizens pay for petroleum products cheaper than the real market price, and that the state is doing everything to protect citizens and the economy.

Due to the war in the Middle East, a barrel of Brent crude oil exceeds $110 on European exchanges and $120 on Asian exchanges. An emergency meeting of the G7 and the International Energy Agency will be held today.

The Government of Croatia has also introduced regulation of the maximum retail price of fuel, and from Tuesday, March 10, for the next two weeks, basic gasoline will be four cents more expensive, and diesel seven cents per liter.

The Prime Minister revealed the new fuel prices at gas stations. Prime Minister Andrej Plenković said that the current price of Eurodiesel, without additives, is 1.48 EUR/l.

"If the Government had not made this decision, tomorrow the price would be 1.72 EUR/l. That would be an increase of 24 cents. With these regulations, we will limit this increase to only seven cents. The price should be 1.55 EUR/l. The price of Eurosuper is 1.46 EUR/l, without intervention, the price would be 1.55 EUR/l, and with our intervention, the price will be 1.50 EUR/l," he added.