The Serbian government has decided to intervene strongly in the fuel market by reducing the oil excise duty by 40 percent to curb the alarming increase in prices at the supply points.
President Aleksandar Vučić announced that this decision aims to guarantee sufficient amounts of fuel and control over the costs that burden citizens’ pockets.
“We are giving up almost all of our income to protect the family budget as long as we have large reserves,” declared the head of the Serbian state after the meeting of the Security Council.
According to Vucic, Serbia collects 2 billion euros for the budget from excise duty on oil, at the same time the largest income from excise duty.
A week ago, Serbia already reduced the excise duty on oil products by 20 percent, which, according to Vucic, costs the state about 35 million euros per month.
Vucic has described the measures as “painful for the state”, but that citizens have no reason to worry as Serbia has sufficient reserves.
The Office of Foreign Assets Control of the US Department of the Treasury has extended the work license of the Oil Industry of Serbia (NIS) until April 17, 2026, the Serbian Ministry of Mines and Energy has announced.
