In response to rising concerns over potential fuel shortages and price volatility, Serbia has enacted a temporary export ban on crude oil, diesel, and gasoline. This measure, initiated during an extraordinary session of the government, is set to remain in place until March 19, 2024. Authorities plan to reassess the situation at that time, reflecting ongoing uncertainties in the global energy landscape.
The decision comes amid increasing instability in international energy markets, which Serbian officials have identified as a critical factor driving this policy shift. Minister of Mining and Energy, Dubravka Đedović, emphasized that the primary objective is to avert supply disruptions and manage local price increases during a period when international fuel prices are surging. Currently, retail fuel prices in Serbia are below global averages, prompting the government to act in defense of both households and businesses.
President Aleksandar Vučić has also expressed concerns regarding potential spikes in crude oil prices due to global market trends. He noted that typical market conditions would warrant a retail price increase of between €0.13 and €0.17 per liter; however, authorities have capped any increase at €0.03 per liter as part of efforts to mitigate inflationary pressures on consumers and enterprises alike.
The export ban was personally requested by President Vučić following reports of fuel shortages at petrol stations in neighboring countries, which raised alarms about possible spillover effects into Serbia. By restricting exports, the government aims to ensure adequate supply remains available for domestic use.
To further reassure the public regarding energy security, Vučić highlighted that Serbia’s strategic fuel reserves are robust enough to meet approximately 90 days of diesel and petrol consumption needs. Additionally, kerosene reserves are projected to last around 35 days. The actual reserve levels are reportedly higher than previously disclosed due to additional supplies received through the JANAF pipeline and extra volumes stored at the Pancevo refinery.
