SARAJEVO, March 17 (Xinhua) -- Fuel prices across Bosnia and Herzegovina (BiH) have surged sharply amid the ongoing Middle East crisis, prompting authorities to tighten oversight of price formation, officials said Tuesday.
Diesel prices have risen by around 28.5 percent since early March. Data from the Federation of Bosnia and Herzegovina (FBiH) Ministry of Trade showed the average retail price of diesel reached 3.02 convertible marks (KM) (1.78 U.S. dollars) per liter on Tuesday.
Authorities in both of the country's entities - the FBiH and Republika Srpska - have intensified inspections to curb excessive pricing. In Republika Srpska, inspectors identified violations of regulated margins in 55 of 130 inspections, issuing fines totaling 825,000 KM (487,000 dollars). In the FBiH, inspections at 13 gas stations resulted in fines of 14,000 KM (8,300 dollars).
Officials said the stepped-up controls are aimed at preventing unjustified price hikes and protecting consumers as global energy market volatility feeds into domestic prices. Diesel prices at some stations have climbed as high as 3.20 KM (1.89 dollars) per liter.
Energy analysts warned that the rapid increase in fuel costs is likely to push up prices of goods and services, given the country's heavy reliance on oil for transport and production.
Authorities said they will continue to closely monitor the market and coordinate with industry stakeholders to stabilize prices.
