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The ban on the import of Russian derivatives will not affect Serbian market

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Citizens have no reason to fear the ban on the import of Russian derivatives by sea, which came into force today, and just as the EU sanctions on the import of crude oil from December 5 did not cause major movements in our market, this new package is not expected to affect us either sanction, Minister of Mining and Energy Dubravka Đedović said.

“Our country is well-supplied, last year we increased the quantities and stocks of oil derivatives by 54 percent compared to 2021 and we will continue to increase them. We also carried out an inspection in January of all mandatory as well as operational reserves that we check ad hoc, which we will and to continue despite the small corrections, we are sure that everything is in order and that we have the level of reserves that is written on all reports,” Đedovićeva told Tanjug.

The European Union and the G7 countries, after the December embargo on the import of Russian crude oil and the price limit to 60 dollars, also introduced a ban on the import of Russian oil derivatives from today, Đedović emphasized that Serbia will continue to provide additional quantities of diesel and other imported oil derivatives. and stated that the construction of 40,000 tons of storage space in Smederevo is being completed this spring, and even more next year.

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“Thus, in one year we will have an additional 80,000 tons of storage space, which will certainly contribute to further future, larger quantities of supplies, which is certainly in the interest of both the state and citizens. All this is being done so that the market is stable and that there are no movements in the world market could not threaten us, at least for a longer period, until we find alternative solutions, and for now I don’t see that this will threaten our market,” said Đedović.

Speaking about the price situation that can be expected in the future, the minister assessed that the prices on the Serbian market are stable, with little downward or upward movements and added that, nevertheless, there is a fear of how the new package of sanctions will be reflected, first of all , on demand, and then on prices. “However, the European Union regulates this by limiting prices, which in the case of crude oil has given a certain result and there have been no major upward price movements. We will see what will be the case with oil derivatives, and we are certainly monitoring the market and will do everything to ensure that our market and citizens are are protected and that there are no major movements,” she said.

The minister added that, first of all, this is done by creating large stocks in our storage facilities, so that everyone would feel safer. When it comes to the possibility that the prices of derivatives are determined by the market again, and not by the state, and the conditions that must be met to return to the old way of price formation, the minister says that the state deals with price determination primarily in the interest of citizens.

“We know how certain companies view it and that it can cause fear as far as they are concerned, but the state’s first goal is to protect the supply, and then also the price at which the supply is carried out here, for the sake of our citizens. Given that energy crisis in the world, we have to take measures, just as others are taking them, to protect our market, without again creating major shifts and disturbances in it,” said Dubravka Đedović.

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As very important, she pointed out that the oil refinery in Pancevo is working at full steam and that there are no problems with the supply. “We control the reserves, we are in contact with the suppliers and we are constantly finding the best ways to, first of all, protect the citizens. When we will stop setting prices, it depends first of all on the movement on the world market and prices and quantities, and to see how the new package of sanctions will is reflected in the supply of the market and prices”, said Đedović, adding that the state must work in the interests of the citizens and monitor the situation vigilantly.

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