Oil reserves are being formed through a surcharge on retail prices, which will be paid by the final consumer, economic analyst Oleg Filipović stated. He added that the creation of reserves is necessary due to the global crisis.
He told Radio Montenegro that while reserves are important, it wasn’t essential at this moment, and it represents yet another indirect tax that should be used to fill the “Europe Now 2” program package.
According to him, the timing of oil purchases is also crucial.
“We need to know when to buy the oil, at what prices, and whether they are based on market prices or not,” Filipović said.
The first fuel price adjustment for this year will take place today. It’s certain that all types of fuel will increase by three cents per liter, due to the implementation of the Law on Oil Derivatives Supply Security, which ensures the formation of three months’ worth of reserves.
Economic analyst Mila Kasalica believes that the Law on Oil Derivatives Supply Security is just the beginning of securing strategic reserves and that it is not about marking prices.
“It will be a blow to citizens’ pockets, but it should be seen as an investment in creating three to six months’ worth of reserves, which should not disturb the market. However, this won’t fully materialize for two to three years. This means that as citizens, we will invest in a system that should store one-third of the reserves in Montenegro, one-third in offsite locations, and one-third in options or derivative instruments to help balance the market during significant price fluctuations,” Kasalica explained.
Officials from the energy sector reminded that Montenegro lacks a refinery or oil reserves, meaning that the government must act responsibly to ensure normal operations in case of disruptions or emergencies.
“The goal is to secure 100,000 tons of oil reserves for three months,” they said.
They added that fuel prices will remain higher until the required reserves are established, after which they will decrease.
The Ministry also stated that creating these reserves will require 44.5 million EUR.
