Serbia temporarily bans oil exports to protect domestic market

BELGRADE

Serbia's government on Monday banned the export of oil and all petroleum products used as motor fuels until March 19.

The decision was made during an extraordinary government session earlier in the day, according to a statement from the Ministry of Mining and Energy.

According to the ministry, the measure applies to the export of oil and petroleum derivatives used as motor fuels through all transport routes.

Mining and Energy Minister Dubravka Dedovic Handanovic said the government is acting to protect both citizens and the economy.

“The decision to ban exports of oil and petroleum derivatives until March 19 was adopted in order to safeguard the domestic market,” Handanovic said in a statement.

She added that the measure aims to prevent potential fuel shortages and price increases caused by volatility in global energy markets.

The ministry said the government may adopt new measures after March 19, depending on market conditions.