Rising oil prices may trigger chain price increases in Republic of Moldova, experts
Oil prices surged sharply on Monday, March 9, rising more than 25% in just one day and reaching their highest levels in nearly three years. This increase was driven by concerns over potential disruptions to oil transport through the Strait of Hormuz and production cuts by several Middle Eastern producers. These developments are expected to significantly impact fuel prices in the Republic of Moldova, leading to widespread price increases that will primarily affect farmers and socially vulnerable families.
Oil prices are continuing to rise sharply in the international market, which will likely result in significant price increases at gas stations in our country this week. This observation comes from Veaceslav Ioniță, an expert in economic policies at the Institute for Development and Social Initiatives "Viitorul," in a commentary for Teleradio-Moldova. Despite the rising prices, the cost of diesel fuel has not yet surpassed the previous record of over 32 lei per liter set in 2022.
The increase in diesel fuel prices is more concerning than the rise in gasoline prices, as it directly affects farmers during the crucial spring working season, which is vital for the Republic of Moldova's economic growth.
Ioniță emphasizes that the authorities should ensure there are adequate supplies of diesel fuel for domestic use and implement a mechanism to refund the excise duty on diesel fuel for farmers, especially during this challenging period.
"Prices have already increased by over 25%, and I fear they may rise further. I wouldn’t be surprised if we see an increase of 30-35%. What can the government do? They should establish a mechanism to refund the excise tax on diesel. If not on a permanent basis, at least the excise taxes paid in the first half of 2026 should be refunded to farmers," Ioniță stated.
Gas and electricity prices may rise, leading to inflation across all products and services, according to Eugen Muravschi, an energy security expert at WatchDog. He warns that the government's measures in response to the energy crisis focus solely on the supply of energy resources.
Muravschi emphasizes the need for the authorities to implement price protection mechanisms for consumers. He suggests that, although unprecedented, the government could use the energy vulnerability register—previously utilized for compensating heat and electricity costs—to assist more vulnerable families. Additionally, it is crucial to establish support mechanisms for businesses to prevent ordinary citizens from being adversely affected by price increases on other goods and services.
The National Energy Regulatory Agency reports that since the onset of the armed conflict in Iran, Platts oil prices have surged, with gasoline climbing $161 per ton (a 23 percent increase) and diesel rising $377 per ton (a 50 percent increase).
Today, the Brent oil price surpassed $116 per barrel, marking one of the largest single-day increases in history.
In the Republic of Moldova, the price of a liter of gasoline will reach 24.82 lei on March 10, which is 1 lei and 7 bani more than the price on February 28, the day the United States and Israel launched attacks on Iran. Diesel prices have also risen by 2 lei and 87 bani, reaching 23.59 lei per liter tomorrow.
