Serbia increases crude oil imports

Serbian oil company NIS has increased its crude oil imports, Serbian Minister of Mining and Energy Dubravka Đedović Handanović said during a discussion of the situation on the country's oil and petroleum products market with members of the Association of Oil Companies of Serbia, Report informs.

She also noted that production at the Pancevo refinery has increased, and work to increase reserves will continue.

"Due to instability in the Middle East, oil prices on global markets continue to rise. This is putting significant pressure on oil companies, both in Serbia and elsewhere. The government is monitoring price dynamics daily and analyzing the impact of the measures taken. Without these measures, citizens would have to pay significantly more for fuel. Our primary goal is to ensure uninterrupted supplies at affordable prices. We will continue to monitor the market situation and, if necessary, take additional measures to protect supply security, the well-being of citizens, and our economy," the minister said.

Dubravka Đedović Handanović emphasized that the situation is far from ideal, especially given the uncertainty that will persist in the near future.

"Rising fuel prices impact inflation, and higher inflation impacts interest rates, overall consumption, and economic growth. We face difficult decisions in challenging conditions. NIS has increased crude oil imports, and production at the Pancevo refinery has also increased, and inventory buildup will continue. Inventories at other major companies on the market are also at their maximum levels," she noted.

Thanks to government measures, fuel price increases in Serbia have been lower than in neighboring countries, while maintaining supply security.