In a time of increased instability in global energy markets and the situation with oil derivatives worldwide, the Government is carefully monitoring the condition of the domestic market and is in constant coordination with companies in the sector to ensure stable supply and avoid price shocks for citizens and the economy.
Therefore, the company OKTA announced a market-support initiative under which, starting today until the end of March, it will provide a discount of 2,4 denars per kilogram (2 denars per liter) for diesel and gasoline to traders purchasing fuels from the company. This creates additional room for part of the relief to be passed on to final consumers.
This move comes after securing additional quantities of fuel through the VARDAX pipeline, which significantly strengthens the supply of the domestic market.
The minister of energy, mining and mineral resources, Sanja Bozhinovska greeted this step, emphasizing that in a period of global energy uncertainty it is especially important for institutions and companies to act coordinated.
„At a time when the international energy markets are under strong pressure and the prices are influenced by global trends, any initiative that can help ease the pressure on citizens and businesses is important. We expect retail companies to follow this example and reflect the discount in the prices that citizens pay“, minister Bozhinovska stated.
The chief executive officer of OKTA, Dimitrios Paschos, stated:
„As a socially responsible energy supplier, starting from today till the end of March, OKTA introduces a discount of 2 denars per liter for diesel and fuels, for wholesalers and retailers purchasing fuel from OKTA, enabling them to pass this benefit on to final consumers. Still, wholesalers and retailers remain completely free to define their selling prices independently. This initiative reflects OKTA’s long-standing commitment to support the market, households and businesses in periods of increased challenges”, Paschos stated.
Minister Bozhinovska stressed that she expects retailers to set their prices according to the discount so that the citizens can also feel the relief. She said that the state is closely monitoring the market situation. Last week, a coordination meeting was held in the Government with the Prime Minister and the companies in the sector, whereas it was concluded that the companies have secured stocks and stable fuel imports, which means that at this moment the supply of the domestic market is stable.
However, as noted at the meeting, global market prices remain under pressure due to international events, which are influencing fuel prices in the region as well.
In this context, the Government is carefully monitoring market movements and reviews all mechanisms available to protect the citizens, should price pressure continue. Possible instruments include adjustments to tax rates, such as reducing VAT on fuels, as well as modifying excise duties, depending on the trends in global prices.
At the same time, the commissioning and increased use of the VARDAX product pipeline comes at a particularly important moment, as it further enhances the security of the fuel supply in the country and helps reduce transportation costs, that were previously paid for alternative transport routes.
„In conditions of global energy uncertainty, the stable supply and protection of the citizens’ living standards remain our priority. The Government will continue to closely monitor the situation and will take appropriate measures if necessary”, minister Bozhinovska pointed out.
With regards,
Ministry of energy, mining and mineral resources
