Fuel Prices Set to Decrease in Serbia Amid Global Oil Price Drops
Serbia's fuel prices may drop twice in the next two weeks due to global crude oil price reductions, impacting various fuel types.
Fuel prices at pump stations across Serbia are anticipated to decline by approximately six dinars over the next two weeks, driven by falling global crude oil prices.
Industry experts attribute this decrease to recent tariffs imposed by the United States on imports from key trade partners, including crude oil shipments.
The first reduction in the price of gasoline and diesel, estimated to be between two to three dinars, is expected to take place on Friday, April 11. Srđan Knežević, the owner of Knez Petrol, has confirmed that consumers will notice lower prices for all fuel types this week, with liquid petroleum gas expected to decrease by 1.5 to two dinars.
Knežević explained that the future pricing of oil derivatives will depend on further drops in crude oil prices observed in the global market over the following week.
Should prices remain at current levels, consumers may experience another reduction of two to three dinars the subsequent Friday.
Currently, 50% of Knez Petrol's fuel derivatives are sourced from the Oil Industry of Serbia, while the remainder is imported.
In the first quarter of this year, Knez Petrol reported a 3.5% increase in sales compared to the same period last year, partly due to customers switching from its competitor Gazprom.
Data from specialized oil market reports indicates that in response to newly imposed tariffs by the Trump administration, the price of benchmark Brent crude oil has declined approximately 3.2% to around $72.5 per barrel.
Concurrently, West Texas Intermediate (WTI) crude has seen a 3.3% decrease, settling under $69.5 per barrel.
Investor sentiment has turned cautious, fearing that an economic slowdown may lead to diminished demand for crude oil.
Although the energy market had previously shown some gains, current trends underscore the sensitivity of oil prices to macroeconomic factors.
Despite crude oil and refined products being excluded from the tariffs, the broader implications for global trade remain concerning.
Analysts suggest these tariffs could elevate inflation, disrupt supply chains, and reduce industrial activity, consequently influencing oil demand in both developed and emerging economies.
Importers remain cautious, observing that fluctuations in crude oil prices may not have an immediate impact on current fuel prices.
The calculation formula for pricing in Serbia factors in a five-day average price of gasoline and diesel, rather than crude oil prices directly.
Therefore, industry experts advise waiting to measure the true impact of these market reactions.
Industry experts attribute this decrease to recent tariffs imposed by the United States on imports from key trade partners, including crude oil shipments.
The first reduction in the price of gasoline and diesel, estimated to be between two to three dinars, is expected to take place on Friday, April 11. Srđan Knežević, the owner of Knez Petrol, has confirmed that consumers will notice lower prices for all fuel types this week, with liquid petroleum gas expected to decrease by 1.5 to two dinars.
Knežević explained that the future pricing of oil derivatives will depend on further drops in crude oil prices observed in the global market over the following week.
Should prices remain at current levels, consumers may experience another reduction of two to three dinars the subsequent Friday.
Currently, 50% of Knez Petrol's fuel derivatives are sourced from the Oil Industry of Serbia, while the remainder is imported.
In the first quarter of this year, Knez Petrol reported a 3.5% increase in sales compared to the same period last year, partly due to customers switching from its competitor Gazprom.
Data from specialized oil market reports indicates that in response to newly imposed tariffs by the Trump administration, the price of benchmark Brent crude oil has declined approximately 3.2% to around $72.5 per barrel.
Concurrently, West Texas Intermediate (WTI) crude has seen a 3.3% decrease, settling under $69.5 per barrel.
Investor sentiment has turned cautious, fearing that an economic slowdown may lead to diminished demand for crude oil.
Although the energy market had previously shown some gains, current trends underscore the sensitivity of oil prices to macroeconomic factors.
Despite crude oil and refined products being excluded from the tariffs, the broader implications for global trade remain concerning.
Analysts suggest these tariffs could elevate inflation, disrupt supply chains, and reduce industrial activity, consequently influencing oil demand in both developed and emerging economies.
Importers remain cautious, observing that fluctuations in crude oil prices may not have an immediate impact on current fuel prices.
The calculation formula for pricing in Serbia factors in a five-day average price of gasoline and diesel, rather than crude oil prices directly.
Therefore, industry experts advise waiting to measure the true impact of these market reactions.
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