Podgorica, (MINA-BUSINESS) – The Government’s response to disruptions in the petroleum products market was timely and supply was not threatened, government representatives claim, while opposition MPs argue that decisions were delayed and that citizens suffered damage.

Minister of Finance Novica Vukovic told the parliamentary Committee on Economy, Finance and Budget that, due to the escalation of the war conflict in the Middle East, there was a sudden and significant increase in oil prices, which inevitably spilled over into the domestic market.

“In order to mitigate negative effects, the Government responded in a timely manner by adopting a decision to reduce excise duties on unleaded gasoline and gas oils,” Vukovic said at the thematic meeting on fuel prices and the supply of petroleum products.

He stated that the monthly impact on the budget due to this measure amounts to €8 million.

Vukovic added that the Government continuously monitors developments in the international oil and petroleum products market, as well as their impact on the domestic market.

“The priority is certainly to ensure regular and stable supply without disruptions, while at the same time mitigating possible negative effects of price increases on citizens and businesses, to the extent allowed by fiscal frameworks,” Vukovic explained.