Decision on fuel prices increase postponed for the next week

Serbian Minister of Finance Mirko Cvetkovic said today that the Ministry’s approval of proposed fuel price increase by 12.4% on the average was postponed for the next week. Mr. Cvetkovic told Beta news agency that, as this would be a relatively high fuel price increase, it was decided that the Ministry should use the legal option to postpone issuance of its opinion on the Ministry of Mining and Energy’s proposal to increase the fuel prices.
Serbian Minister of Finance Mirko Cvetkovic said today that the Ministry’s approval of proposed fuel price increase by 12.4% on the average was postponed for the next week. Mr. Cvetkovic told Beta news agency that, as this would be a relatively high fuel price increase, it was decided that the Ministry should use the legal option to postpone issuance of its opinion on the Ministry of Mining and Energy’s proposal to increase the fuel prices.

He underlined it is necessary that the Ministry of Finance assesses the effects that the proposed fuel price increase may have on the inflation and the budget, and added that it would be realistic to have the opinion on this issue only next week. At the same time, the Minister explained that it would be possible to lower the excise duties in order to completely, or party neutralize the price increase.

Fuel prices, in line with Ordinance on Forming Prices of Oil Derivatives, are adjusted every 15 days with price trends of crude oil at the world markets and dollar exchange rate.