Serbia is relying on increased domestic refining activity at Naftna Industrija Srbije (NIS) to ensure a stable and fully supplied fuel market in the coming weeks, as authorities navigate pressures from sanctions, global oil price volatility, and ongoing regional geopolitical tensions.
Following a meeting with NIS CEO Kirill Tyurdenev, Mining and Energy Minister Dubravka Đedovic stated that the company has already raised crude processing volumes and plans to further increase output in April to secure adequate supplies of all petroleum products for the domestic market.
She emphasized that the Government remains committed to ensuring an uninterrupted fuel supply across the country, including for smaller fuel stations, and expects both large and small customers purchasing from NIS to continue receiving deliveries without disruption.
The Minister also noted that the operational license granted to NIS by the US Office of Foreign Assets Control (OFAC) remains valid until 17 April. In addition, Serbia has released 40,000 tons of diesel from its strategic reserves to support oil companies as part of broader market stabilization measures.
According to the Ministry, the Government has introduced several emergency measures to limit the impact of market disruptions, including a ban on exports of diesel, gasoline, and crude oil, a 20% reduction in excise duties, and the distribution of state diesel stocks to fuel suppliers.
Minister Đedovic said these steps have so far helped prevent shortages and excessive price increases, noting that all fuel produced by NIS is currently being directed to the domestic market and that overall demand is being met. She also pointed to a significant decline in imports of refined products due to rising oil prices and highlighted that the market continues to face multiple pressures, including instability from conflicts in the Middle East and Ukraine, as well as prolonged sanctions-related challenges affecting NIS.
