Does Kosovo have enough state oil reserves? Here's what Mimoza Kusari said.

She said the measures for limiting the profit margin are keeping the situation under control.

The ceiling price or margin on profit in the price of oil is based on the price of a day before the amount of imported derivatives. And while there's price hikes in imported derivatives, it also moves the price within the internal market. It means, a large buyer, or a majority importer, can raise the price above the import price by just 2 cents per litre. Therefore, if on a certain day, as was two days ago, the price per litre of derivative, in this case, has been imported by 1 euro and 50 cents, by large it can sell at least 1 euro and 52 cents. As the retail increases by 12 cents on the base price, which will amount to 1 euro 64 cents”, she said.

Kusari Lila stressed that her public response was based on the price released the previous night, while the announcement of the maximum price limit includes all derivatives, including gas.

My reaction the day before was based on the price that was the night before it was even published in the post. It means, the announcement of the maximum oil or gasoline price limit, in this case in general the price of derivatives, because gas enters here, will be at 2 cents in majority, 12 cents in the minority over the majority price. Therefore, the movement taking place is a direct reflection of price increases on the external market. We as importative country, which do not have refinerys, are affecting much more than the countries -- for example, neighbouring Greece, Northern Macedonia -- that have oil refinerys. However, it is still reflecting on all of us that the price increase in Kosovo is having the direct impact”, she said in a statement to the media.

As for the reserves, the minister said the situation remains stable and away from panic.

I mean, this as information is information that remains for institutions, but the situation is stable with reserves I can say. In relation to importors' reserves, companies that deal with the trade in derivatives are also passing the reserves. No movement, no decline in their reserves. It still means the manageable and far from the panic situation”, she said.

She also cited the case of the release of state reserves in some countries, stressing that Kosovo is not in such a situation.

There have been places like the United States of America that have issued part of the state reserve. We didn't come to that point. Our industry and economy are not at the level that is largely endangered. However, I have to say, further impact on what is happening in the Middle East with reflection on the price of derivatives is inevitable. We're going to do our best and we're going to make sure there's no, say, flight out of normal. The firm measure involves controlling, but control within this area that is showing that the price is moving but not on the unimaginable or to the extent where it can have a very serious negative impact. I'm saying it goes on a period of time to a stability. Here we are not acts, we are consumers of the circumstances that are happening there. But we are hoping for a stability as soon as possible. It is envisioned in the following months, in particular in the summer period, that will have a stability of the” price, she said.

The minister announced there have also been violations of the decision on profit margins, but that the Market Inspectorate has reacted with punitive measures.

There have been two companies that have violated our decision, and the Inspectorate has informed me of the two companies that have the first measure of fine, the second measure of withdrawal of the license. It didn't come to the second size. It means they are detained in the sentence, either, the first reaction of the Exchange Inspectorate”, she said.

Does Kosovo have state oil reserves?