TIRANA, Nov. 18 (Xinhua) -- Albania ranks among the top 25 countries in the world and the highest in Europe for fuel prices, the country's Confederation of Industry announced on Sunday in a statement for the media.

The Confederation of Industry in Albania expressed the concern about the increase of fuel price in Albania, although it is decreasing in the international market.

According to the Confederation of Industry, this occurs because state institutions have played no regulatory and controlling role.

"In the international markets, the oil price in October dropped by 10 dollars per ton, meanwhile in our country the opposite happened, where fuel increased by 10 Albanian Leke (about 0.091 U.S. dollars) per liter," read the statement.

Moreover, the same downward trend of fuel prices in international markets is not reflected in the domestic market, which are clear indicators of the low degree of competition, it noted.

In the 2019 fiscal package, the Confederation has officially asked for the establishment and functioning of the Fuel Regulatory Entity responsible for the price ceiling, as well as for the reduction by 50 percent in the turnover tax, which has today reached the amount of 120 million euros per year (about 130 million U.S. dollars). Enditem

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