Vucic: Fuel price increase capped at three dinars, legal regulation coming next week

Vucic told Pink TV that proposals from ministries and experts suggested diesel prices in retail could rise by 15 to 20 dinars, and gasoline somewhat less but still drastically.

"It is a notorious lie that oil is being normally exported from the Gulf countries, specifically from the Strait of Hormuz. There is a huge shortage of oil, already at 90 dollars per barrel, and in 48 hours it will reach 100. If those countries agree to halt exports due to risks, oil could go up to 130 or 140 dollars, which is double what it was. We don’t have oil. We have a legal restriction that allows us to reduce excise duties by a maximum of 20 percent of the total price. The government can make that decision, but we need a legal solution to authorize excise reductions", Vucic said.

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He explained that in Serbia there is a legal limit to reduce excise duties by up to 20 percent.

"If diesel costs 200 dinars, excise is 73 dinars. By law, to protect public finances, we can reduce excise by a maximum of 20 percent, that’s about 15 dinars. First, we must regulate so the government can reduce it, but we also need legal amendments. In a world of war and conflict, we must empower the government to reduce excise, to give up revenue so people can live normally and be protected from inflation", Vucic noted.

"Smallest price increase anywhere in the world"

According to him, the three-dinar increase in Serbia will be the smallest fuel price hike anywhere in the world.

Vucic emphasized that oil market projections are dire, and in such circumstances Serbia will have to find ways to help its citizens, support the economy, and curb inflation.

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