Double play
'For a long time we have not had the situation that the fuel is HRK 7.60. Budget suffers, but not only because of cost '
Environment and Energy Minister Tomislav Coric said on Wednesday that INA is suffering losses due to falling fuel prices, but that Janaf is making a great profit, and that the state is not considering increasing excise duties on fuel to supplement the budget.
Asked how much Croatia has room to store cheap oil as it is on the world market, Coric said on Croatian radio's "Now the Government", that we were in a double game.
"As the Republic of Croatia we are co-owners of INA, and since it partly extracts its oil at a certain percentage and refines it, INA suffers losses and its second quarter will be extremely negative in business. On the other hand, all those who buy oil are in a situation that this is a good time for them, "Coric said.
As for Croatia's storage capacities, he said that Janaf has been strengthening its capacities in a very wise or conservative policy in the past, especially in Omisalj and other locations.
"Janaf is making a very good profit in this situation, so his management made a couple of very good moves in the previous period and now they pay for it through storage. Of course, their warehouses are full," Coric said.
Asked what would happen to the state budget, because the lower the price of fuel, the less it collects from excise duty, especially when consumption is much lower than it is now, he said that when it comes to state systems, "we are all on both sides of the equation."
"For a long time, we have not had the situation that the price of eurosuper or Eurodiesel is around HRK 7.60. As for the budget, of course it suffers not only because of this price but also because of the fact that the consumption of oil and oil products is much lower," he said is.
Asked whether the state would use the possibility of increasing excise duties, he replied that this was not an idea, that is, punishing consumers in this way was not the right way.
"This is a decision at the level of the Ministry of Finance, but I don't think anyone is thinking about it at all," Coric concluded.
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