Naftna Industrija Srbije (NIS) lowered its fuel prices on Wednesday, Minister of Agriculture and Trade Dusan Petrovic has stated, stressing that the oil derivative market has stabilizzed and he expects no price increases.

NIS dropped the price of the BMB 95 euro premium petrol by RSD 2 and the price of the D2 diesel by RSD 1, Petrovic told reporters after the signing of a memorandum of cooperation between Elektroprivreda Srbije and a consortium of Spanish companies.

The prices of fuel at NIS petrol stations have returned to their previous level, he noted, adding that NIS had made a good decision, based on existing expenses. Petrovic expects the fuel market to stabilize because the market price of oil is steady and somewhat lower than about 10 days ago and the dinar has stabilized as well.

Therefore, there is no serious reason to destabilize the fuel prices, he remarked, adding he expects no price increases in the coming period, but lower prices instead. He thinks the market has begun to stabilize and there will be no further price raises, unless something extreme happens on the global market, but says Serbia cannot influence that.

Petrovic stated that it would not be sustainable in the long run to use administrative measures to control the fuel market. Serbia liberalized the fuel market in order to adjust to the situation on the European market, he added.