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Sarajevo Times > Blog > BUSINESS > High Fuel Prices seem to be returning and bringing new Surprises?
BUSINESS

High Fuel Prices seem to be returning and bringing new Surprises?

Published: August 9, 2023
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Numerous oil producers have always been interesting to various judicial bodies. The fact is that 3-4 months ago we were happy about the fuel prices, which were almost the only ones that fell after those insane prices from last year. But the high prices seem to be coming back.

Already the second increase in the price of oil and oil derivatives, only since July. The average retail price of gasoline in the Federation of Bosnia and Herzegovina (FBiH), depending on the gas station, is about 2.67 BAM/L, while for diesel it is slightly lower, 2.65 BAM/L.

This means that the average retail prices of gasoline since the beginning of this month are higher by 3.49%, compared to the previous one, while the retail prices of diesel compared to the same comparative period are higher by 6%. But how do the authorities justify the new price increases now, if we know that the prices of barrels on the world market have not increased?

“Then other, even less convincing arguments are sought, such as refinery prices, such as, possibly, temporary disruptions. For example, the refineries from which they purchase fuel are undergoing overhaul or some other difficulties, but all these arguments are very questionable,” pointed out economist Igor Gavran.

Citizens are not even looking for reasons. They seem to have simply grown together with sudden price changes on store shelves.

“Vegetables are… terrible. You can get them at the market for 30 to 50 BAM for one bag. It’s not normal. More expensive than in neighboring countries,” remarked some of them.

Citizens were also asked if they are afraid of winter.

“I don’t even think about it, believe me, I would have gone crazy by now. I don’t think anyone thinks about it. I only think about today and tomorrow,” said one Sarajevo citizen.

If not tomorrow, new surprises await us very soon, and not positive ones.

And since every price increase brings with it a wave of new price increases, it is expected that some products could be two to eight percent more expensive in BiH next week.

“We can expect that someone will try to use this increase in fuel to increase the prices of other products and services. There would be no basis for that because costs have long since fallen much more than certain prices have fallen,” added economist Gavran, N1 reports.

E.Dz.

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