Energy Regulatory Commission is soon expected to adopt decision on lowering the price of oil derivatives, following Government’s decision yesterday to reduce excise duties on petrol by 4 denars and diesel fuel by 2 denars, as well as lowering the fee for mandatory oil reserves by 0.5 denars for petrol and by 0.2 denars for diesel fuel.
 
Vice Prime Minister and Minister of Finance, Zoran Stavreski, at today’s press conference, said that the government measure was aimed at protecting the citizens against the oil price shock of oil price increase on the global stock markets.
 
– This is a direct measure of the Government of the Republic of Macedonia aimed at protecting the consumers and the citizens, as well as the Macedonian economy, against the price shock of oil price increase on the global stock markets. We believe that, by meeting the demands of the citizens and the chambers of commerce, we will help mitigate this shock at least for several months, Vice Prime Minister Stavreski pointed out.
 
According to him, government measure on reducing excise duties and the fee by Denar 4.5 will be of benefit to the citizens and the companies, since, if oil price increases on the global stock markets, such increase will be lower by Denar 4.5.
 
– This Denar 4.5 will be for the benefit of the citizens and the companies, to all those consuming oil and oil derivatives, since if in the meantime the price increases on the global stock markets, such price increase will be lower by Denar 4.5. Hence, Denar 4.5 will be always for the benefit of the citizens and the economy, Vice Prime Minister Stavreski said.
 
He expects for the Energy Regulatory Commission to soon convene session and that the decision will be implemented in price.
 
The measure will apply for a period of four months, i.e. by mid-August this year, and the reduction of budget revenues on the basis of excise duties will amount to around EUR 10 million.
 
– We have given these revenues up on one hand. It will result in savings on the other. We will cut certain expenditures during this period so that the Budget remains within the projections. We believe effects of this measure will be significant, since oil prices on the global stock markets have been going up for 30-40 days now and oil price surged by around 25% in the last three months. We believe the measure will have more positive effects compared to the budget revenue losses, Stavreski said.
 
He also added that cuts would be made at current expenditures, while capital expenditures would be realized. – We will see how revenue collection will perform. Revenue collection is expected to be sound, so we will manage to fully compensate the EUR 10 million by the end of this year, Vice Prime Minister and Minister of Finance said. (MIA)
