Podgorica, (MINA-BUSINESS) – According to Olivera Vukajlovic, adviser to the President of Montenegro for sustainable development, fuel prices could be around 27 cents per liter lower if the government halved excise taxes on fuel.

She said in a press release that such a measure would provide quick and concrete relief at a time when rising prices are further burdening the budgets of citizens and businesses.

“Although price increases are largely the result of instability in the global oil market and geopolitical developments, the structure of fuel prices shows that the Government, through excise policy, can significantly influence the final price paid by citizens,” Vukajlovic said.

She added that additional concern comes from estimates from the energy sector that petroleum product prices could rise by at least another 16 cents per liter in the next pricing period.

“Even if the global market stabilizes, any potential price decrease would most likely not come quickly, and the process of lowering prices would take longer,” Vukajlovic said.