Serbia's Export Ban Extended#
Serbia has announced an extension of its ban on crude oil and fuel product exports until April 2. This decision aims to protect the domestic market from potential shortages and price increases due to the ongoing conflict involving the U.S. and Israel against Iran, as stated by Energy Minister Dubravka Djedovic Handanovic.
Scope of the Ban#
The export suspension includes diesel, gasoline, and crude oil, affecting all transportation methods. Initially set to expire on Thursday, the ban has now been prolonged to ensure stability in the local market.
Measures to Protect Domestic Market#
Minister Djedovic Handanovic emphasized that these measures are designed to prevent shortages of oil products and avoid significant price hikes. To further support the local market, the Serbian government has decided to release 40,000 tonnes of diesel fuel from its reserves.
Additional Steps Taken#
In a bid to mitigate rising fuel costs, Serbia also reduced excise duties on fuel by 20% last week. This reduction is intended to help keep prices manageable for consumers amid the global uncertainties affecting oil supply.