News in English     | 09.04.2020. 18:09 |

Novalić: We want to end the monopoly with oil price measure

FENA Hana Imamović

SARAJEVO, April 9 (FENA) – The Government of the Federation of Bosnia and Herzegovina has made a decision today prescribing direct controls on oil prices, and the Republika Srpska will follow this decision, which will allow the functioning of the single economic space.

As explained by Prime Minister of the Federation of Bosnia and Herzegovina, Fadil Novalić, the measure will help citizens of the Federation of BiH and entrepreneurs to overcome economic burden of the crisis caused by the spread of coronavirus as easily as possible.

“We are witnessing that oil prices have almost halved in the world market, but we have not seen significantly reduced prices at gas stations in BiH. Margins that were reaching as high as 0.50 KM per liter are now limited to 0.25 KM per liter,” the FBiH Prime Minister said.

He estimated that there would certainly be oil companies warning that the Government would interfere with free pricing in this decree, but Novalić said that this was not justified because the Federation of BiH had never interfered with the free market since the war, but has never been in a crisis like this.

“Our intention is to oblige oil companies to adjust prices with the prices on the world market. With this measure we want to put an end to monopoly and unfair competition. Oil companies cannot rely on the world price of oil only when it is rising,’’ said Novalić.

(FENA) A. B.

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