The National Agency for Energy Regulation (NAER) will set the fuel price ceilings quarterly, not once every two weeks as now. Parliament adopted a bill to amend and supplement the Law on the Oil Products Market in the first and second readings on July 20, IPN reports, quoting the legislature’s press service.

Under the law, the prices will be set depending on the average Platts quotes for the previous period. The NAER will have the right to adjust the price ceilings during the quarter only if the difference between the average Platts quotes and the average currency exchange rate set by the National Bank of Moldova exceeds 10%.

The retail prices of the main imported oil products will be published on the Agency’s website.

Bill author Vladimir Cernat said the extension of the period for setting fuel price ceilings will ensure stability in the price capping process and this will have a positive social impact on the consumers of oil products. “The previous capping acts were ultimately challenged in court in the interests of costumers, invoking non-transparency in the process of forming and capping the prices of oil products,” noted the MP.

The NAER is to adjust the methodology for forming fuel prices to the given law within three months. Now the Agency sets the fuel price ceilings biweekly.