Serbia suspends energy exports to shield market as crude prices surge on Iran war

Nis ad Novi Sad

09/03/2026 12:42

Serbia suspends diesel, crude exports via all transport modes

Croatia reintroduces temporary fuel caps on regional price surge

Serbia maintains retail fuel caps to soften global price shocks

BELGRADE, March 9 (Reuters) -
Serbia has suspended crude oil and fuel product exports to safeguard its market from shortages and price spikes, the energy minister said on Monday, as global crude prices jump above $119 a barrel amid supply uncertainty due to the
war in Iran
.

The suspension, effective until March 19, applies to the export of diesel, gasoline and crude oil by all modes of transport, Energy Minister Dubravka Djedovic Handanovic said in a statement.

Crude oil price on Monday reached its highest since mid-2022 of above $119 a barrel, due to uncertainty over global supplies amid the war in Iran.

"The essence of this (temporary) ban is to protect the domestic market from shortages and price spikes due to global disruptions in the world market,” she said.

The government in neighboring Croatia on Monday introduced fuel price caps until March 23 to counter effects of surging crude oil prices.

Croatian Prime Minister Andrej Plenkovic said that without caps, the price of diesel could rise by 16 percentage points to 1.72 euros per litre. The government cap limited it at 1.55 euros/litre.

Croatia last July abolished fuel price caps introduced in 2022 when the war in Ukraine threatened global energy supplies.

Serbia has kept a price cap on fuel since February 2022. The government controls the maximum retail prices for Euro diesel and Euro Premium BMB 95 gasoline to mitigate the impact of global price surges on the local economy.

Serbia's fuel exports in 2024, mainly to neighboring countries, accounted for around 3.6% of all exports, or $1.26 billion. In 2025, they sharply fell due to U.S. sanctions against the country's only oil refiner, Russian-owned NIS.

 (Reporting by Aleksandar Vasovic and Ivana Sekularac; Editing by Bernadette Baum)

 ((aleksandar.vasovic@thomsonreuters.com))