Political turbulence in Venezuela to raise fuel prices in Serbia?

The current geopolitical events might cause an increase in the prices of petroleum products in Serbia, warned Goran Radosavljevic of the Serbian National Petroleum Committee.

He told RTS that the geopolitical events would not reflect on the market of Serbia immediately, but if the current geopolitical trends did continue, the prices could be expected to increase. He added that the market was volatile and that the projections were not encouraging.

Due to the tensions in Venezuela and the US-imposed sanctions, the price of a barrel of raw oil has reached USD 73, which is 40% more than in late 2018. This jump affects the whole world, especially the European market, which is import-dependent, including Serbia.

Two thirds of the total consumption of petroleum and its derivatives in Serbia are covered by imports. The prices of petroleum products at gas stations in Serbia have already grown since February by an average of six dinars, and the price of gas for cars, which used to drop, has now started growing as well.

As for liquefied petroleum gas (LPG), Goran Radosavljevic says that there is currently a problem with lower-quality LPG having been pumped in, causing the countries which use gas from Russia, namely, Germany, Poland, Slovakia and Hungary, to stop the export until the problem is solved.

He points out that this is an extraordinary situation, as the price of LPG usually drops this time of year, but notes that the whole market is susceptible to changes.

When it comes to the global trends affecting the price of petroleum, Radosavljevic says that, at the moment when prices are volatile, any event can affect them.

– This all puts us in a context of great uncertainty, which usually leads to an increase in the prices – Radosavljevic says.

Nacionalni naftni komitet Srbije

Serbian National Petroleum Committee

Goran Radosavljevic

unrest in Venezuela

political unrest in Venezuela

raw petroleum price increase

price of liquefied petroleum gas

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price of diesel fuel

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prices at gas stations in Serbia