Ibrahimaj: Controlled profit margin on fuels, we are not at the level for interference in taxation
The Minister of Economy and Innovation, Delina Ibrahimaj, stated today that the hydrocarbon and food price market in the country is under daily monitoring by a group of experts established by three ministries.
In a meeting with oil suppliers, attended by Prime Minister Edi Rama, Minister of Infrastructure and Energy, Enea Karakaçi, and Minister of Finance, Petrit Malaj, Ibrahimaj said that the main concern was the availability of mandatory reserves.
"From the experience of previous crises, the first concern we had was that, with the blockade of the Hormuz Canal, there would be an interruption of the supply chain. However, from the conversations we have had with all traders and from the checks that the state administration has made on their reserves, it results that the legal reserves are respected. Not only the mandatory ones, but also the supply channels guarantee uninterrupted supply, as traders have long-term contracts that are not related to the Hormuz Canal," said Ibrahimaj.
Minister Ibrahimaj added that the second concern is related to prices, emphasizing that the overall price situation is being analyzed with the aim of guaranteeing that there will be no abuses, both in the fuel and food markets.
"International stock markets, since February, have had extraordinary fluctuations. In February, the average price of fuel on the stock exchange was around 700 dollars, while in recent days it has reached up to 1200 dollars, a fluctuation of around 40%. Prices in Tirana and Albania have not had an increase greater than 10-15%," Ibrahimaj continued, focusing on the experiences of previous crises related to prices that led to the creation of the Transparency Board.
"We believe that we are not yet in a position to establish that board, although the legal space exists. If we see fluctuations and abuses in profit margins, we will intervene, as our goal is to protect the consumer. Day by day, we have established a team between three ministries, where we monitor the customs clearance price, which consists of the stock exchange price, taxes and VAT, as well as the price in the retail market," she emphasized.
"This price has been on average around 8.5%, a controlled margin and lower than the normal operating margin applied by companies. We have managed to maintain a controlled margin, so that the increase in prices is not reflected in the increase in companies' profits. We are also monitoring the supply of food and the prices of the main products of the basket every day. We have identified around 70% of the products that are being monitored and there have been no fluctuations caused by abusive behavior," said Ibrahimaj.
Ibrahimaj added that the proposals of the hydrocarbon associations regarding the situation were to change the tax structure.
"The associations' proposals have been related to the circulation tax, which in the Albanian model is applied per liter. The reason why this tax is applied per liter is the principle that whoever consumes more, pays more. Other countries in the region have taken various measures, such as limiting fuel exports or tax reductions," Ibrahimaj asserted.
Minister Ibrahimaj underlined that "with the current rate of price increases, we are not in a position to intervene in the level of taxation."
"Another element is the impact that these prices have on the exchange rate, which has been stabilized for both the euro and the dollar. What I want to guarantee is that we are monitoring it daily and we will continue to do so in a transparent manner and in communication with the public," Ibrahimaj concluded.
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