Serbia is negotiating with oil companies over the sale of 40,000 tonnes of crude oil from its strategic reserves, Energy Minister Dubravka Đedović Handanović said on Saturday.
The amount represents roughly 15% of Serbia’s reserves, which the government has decided to release in response to global energy market pressures.
Companies will be able to combine these low-cost state reserves with higher-priced imports to maintain supply and prevent shortages, Đedović Handanović told Pink TV. She added that there is no need for citizens to panic or stockpile fuel.
“The situation on the global oil market is unpredictable,” she said.
President Aleksandar Vučić announced on Friday that Serbia would cut excise taxes on petroleum products by 40% to curb rising pump prices. He said the measures aim to ensure full supply and keep prices under control.
Fuel prices have risen sharply in recent days, with diesel climbing four dinars to 212 dinars (€1.80) per litre and gasoline rising two dinars to 188 dinars (€1.60) per litre on March 20. These are the highest prices since January 2025, when Naftna Industrija Srbije, the country’s largest oil company, was placed on U.S. sanctions due to its majority Russian ownership.
To secure domestic fuel supply, Serbia suspended exports of petroleum products in mid-March, affecting neighbouring Bosnia and Herzegovina and Bulgaria, its main export markets for gasoline and euro-diesel.