Excise duties reduced and fuel prices capped in Montenegro

(Patria) - The Government of Montenegro today introduced "maximum measures" to cap fuel prices, along with reduced excise duties, at a time when the global rise in oil prices due to the conflict in the Middle East threatens economies around the world.

The Minister of Energy and Mining of Montenegro, Admir Šahmanović, stated that the excise duty on diesel fuel will be reduced by 50 percent, and on Eurosuper 98 and Eurosuper 95 by 25 percent, reports Vijesti.

According to a statement from the Government, the measures were determined after intensive communication and detailed analyses with the relevant energy and finance departments, as well as with representatives of oil companies and EU experts.

"Despite the significant loss of state revenue on this basis, which was pointed out by the Ministry of Finance, in order to protect the interests of citizens and the economy, the Government has decided on the maximum possible measure," the Government of Montenegro emphasizes.

𝐕𝐥𝐚𝐝𝐚 𝐩𝐨𝐬𝐞ž𝐞 𝐳𝐚 𝐦𝐚𝐤𝐬𝐢𝐦𝐚𝐥𝐧𝐨𝐦 𝐦𝐣𝐞𝐫𝐨𝐦: 𝐔𝐦𝐣𝐞𝐬𝐭𝐨 𝟑𝟏, 𝐝𝐢𝐳𝐞𝐥 𝐬𝐤𝐮𝐩𝐥𝐣𝐢 𝐬𝐯𝐞𝐠𝐚 𝟒 𝐜𝐞𝐧𝐭𝐚

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Thus, they added, the price of diesel will increase by four cents instead of 31.

"So, from Tuesday, the price of diesel will be 1.54 instead of 1.81 euros, while a liter of gasoline will cost 1.51 instead of 1.68 euros," the Government stated.

The price of benchmark Brent crude oil has risen significantly after the US and Israel began attacks on Iran on February 28.

Before the conflict, Brent crude oil cost around 70 dollars, and now it costs around 110 dollars per barrel.

The Montenegrin Ministry of Energy and Mining stated that it is monitoring the situation and will make decisions in the best interest of citizens and the economy.