Parliament adopts law to cap fuel prices in final reading

The legislative initiative of MP Alexandru Oleinic, which sets down new general norms for calculating and applying the prices of the main oil products, was given a final reading and passed by Parliament. The goal of the bill is to enable to set the oil prices in accordance with the fluctuations on the international and regional stock exchanges (Platts). The prices will be calculated separately for each type of product and imported lot, at an interval of 14 days, IPN reports.

The author said the proposed amendments are aimed at limiting abuses by creating an economic environment based on the principle of market economy. The changes adopted by Parliament to the law on oil products market in July 2018, by which the importers and sellers of oil products are allowed to set the prices themselves, are unjustified.

Earlier, the oil companies that are members of the Foreign Investors Association said such a law will negatively influence the economic activity of oil companies, including the import of the main oil products. It will distort the competition environment on the domestic market and will lead to the worsening of the labor conditions. In a letter addressed to the Parliament’s commission on economy, budget and finance and to the National Agency for Energy Regulation, the companies said that if the bill is passed, the import of oil products will decrease considerably and will endanger the oil security of the Republic of Moldova.

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