Monday 09 March 2026 – 05:51 PM
Serbian Energy Minister Dubravka Dedovic Handanovic said on Monday that her country had suspended Crude oil exports And fuel products with the aim of protecting the local market from shortages and high prices, at a time when global oil prices exceeded $119 per barrel amid a state of uncertainty due to the Iran war.
The minister added in a statement that the suspension, which will continue until March 19, includes the export of diesel, gasoline, and crude oil via all means of transportation.
Uncertainty due to the Iran war
The price of crude oil rose today to its highest levels since mid-2022, exceeding $119 per barrel, as a result of fears of global supply disruptions due to the Iran war.
“The essence of this (temporary) ban is to protect the local market from shortages and price increases as a result of global market turmoil,” Handanovic said.
The government in neighboring Croatia also imposed maximum limits on fuel prices on Monday until March 23 to limit the impact of rising global oil prices.
Last July, Croatia canceled the fuel price ceiling that was imposed in 2022 when the war in Ukraine threatened global energy supplies.
Serbia has maintained the fuel price ceiling since February 2022, as the government controls the maximum retail prices for some fuel products to mitigate the impact of global price fluctuations on the local economy.
Serbian fuel exports in 2024, which were mainly destined for neighboring countries, represented about 3.6 percent of total exports, and the value of fuel exports amounted to $1.26 billion.
These exports declined sharply in 2025 due to US sanctions on the country’s only oil refinery, the Royal Russian Oil Company NICE.
