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Ekonomia

Fuel imports up 10% in 2023, reach historic record, oil coming from India

Fuel imports up 10% in 2023, reach historic record, oil coming from India

Fuel imports returned to double-digit growth last year, boosted by lower prices from tourism.

According to data from the Ministry of Finance, 614 thousand tons of fuel were imported in 2023, with an annual increase of 10.3%.

Last year, the volumes of fuel imports reached a historical record. Market sources claimed that consumption was driven by falling prices at retail outlets, as the busy tourist season pushed sales further. The increase in consumption has also helped to increase income in the form of taxes and duties levied on hydrocarbons.

After the war in Ukraine started, fuel consumption faced weakness from the high price in the stock market after the war in Ukraine, peaking at 260 ALL per liter in March 2022 from 190 ALL per liter before the war started.

The high price was reflected in consumption. With the price falling and returning to pre-war levels, oil imports returned to normal as wholesalers switched sources of supply to Indian refineries.

Last year, almost half of the overnight quantity for Albania came from India. During 2023, over 300 thousand tons of fuel were imported from this country from only 9 thousand tons in 2022, while imports with historical partners have suffered a significant decrease.

The main supplier of Albanian importers, the multinational company OMV, is now buying oil from Indian refineries.

Sources from the Fuel Association claimed that India has large oil refineries and the supply is being made due to reasonable prices. The wholesalers announced that the main supplier of the Albanian importers is the multinational company OMV, which buys oil in markets that appear fissile in prices.

Previously, Albanian importers were supplied from OMV's warehouses in Italy, while this year the supplier is bringing it directly to Albanian ports. As a result of this change in the oil market, India was ranked the second trading partner in terms of import volume. Oil imports from India started in October 2022.

After the war in Ukraine, energy and oil prices marked a rapid increase in the world level, as transportation from Russia as one of the main suppliers of our country became difficult due to sanctions.

Until 2021, our country provided almost 12% of total fuel imports from Russia, while in 2023, they accounted for only 0.7% of total imports./ MONITOR