Albania has something many European countries would rather like to discover beneath their feet: oil.
For a relatively small country, Albania possesses meaningful petroleum resources. Oil is extracted, much of it is exported, private companies make money from producing it, and the Albanian state receives royalties and taxes.
So far, perfectly normal.
Then an Albanian drives into a petrol station.
And gets hit hard.
In April 2026, Albania’s official maximum retail price for diesel reached 215 lek per litre — roughly €2.19 or $2.57 per litre at the exchange rates of the time.
Which raises an obvious question:
If Albania produces oil, where exactly is the advantage for the Albanian citizen?
Of course, crude oil coming out of the ground is not diesel coming out of a petrol pump. Crude must be transported, refined and distributed. Albania therefore cannot simply sell its domestic crude directly to motorists for pennies.
But the paradox remains.
Albanian oil comes out of Albanian soil. Much of that crude is exported. Refined petroleum products are sold to Albanian consumers. And along the way, the Albanian government taxes the industry and taxes the fuel.
Apparently everybody gets a turn at the barrel.
Including the Albanian motorist—who gets the bill.
And Who Gets the Oil Money?
This is where the story becomes more uncomfortable.
The largest oil producer, Bankers Petroleum Albania, is controlled by China’s Geo-Jade Petroleum. There is nothing inherently wrong with that. Foreign investors provide capital and expertise, take commercial risks and are entitled to make a return.
But they are also entitled to play only by the rules.
In 2025, Albanian prosecutors accused Bankers Petroleum Albania and associated individuals of artificially inflating expenses, avoiding corporate taxes and obtaining fraudulent VAT reimbursements. The investigation also encompasses suspected money laundering and related offences.
These are allegations, not convictions, and everyone involved is entitled to the presumption of innocence.
But the allegations make another question rather difficult to avoid:
Does Albania actually capture a fair share of the value of its own oil?
And here we should resist the wonderfully convenient temptation to blame China for everything.
Because Bankers Petroleum did not write Albania’s petroleum laws.
The Albanian state did.
The government establishes the fiscal framework, administers licences and agreements, collects revenues and has responsibility for making the system transparent enough that Albanians can understand what happens to the wealth underneath their country.
And transparency is precisely where things become awkward.
In July 2026, the Extractive Industries Transparency Initiative gave Albania 62 out of 100, categorising its implementation as “Limited.” It identified disclosure gaps concerning contracts, licence allocation, beneficial ownership, government revenues, state participation and transfers, among other areas.
That does not prove corruption.
But it produces a wonderfully simple question:
If Albania’s oil arrangements are good for Albania, why not make it ridiculously easy for Albanians to see exactly how good they are?
Publish what is produced.
Publish what is exported.
Publish what companies pay.
Publish what the government receives.
Publish where that money ultimately goes.
Then ordinary Albanians can make up their own minds.
And perhaps Albania should go further.
A visible share of petroleum revenues could support producing regions. Another share could finance infrastructure or other long-term investments. Albania could investigate capturing more of the refining and industrial value chain domestically. It could even consider putting part of its petroleum income into a professionally managed national wealth fund.
The precise model is debatable.
The principle shouldn’t be.
If a country possesses natural wealth, its citizens should be able to see where their share of the benefit appears.
Because otherwise Albania risks creating a rather extraordinary oil economy:
- Albania gets the oil wells.
- The producer gets the business.
- The government gets the taxes.
- And the Albanian citizen gets hit hard at the petrol station.
Personal Remarks
Albanians are sitting on top of oil reserves—and still paying around €2.19 per litre at the pump.
Which leaves me with one very simple question:
How does the Albanian prime minister sell that to his own population?
Sources & Further Reading
Extractive Industries Transparency Initiative (EITI) — Albania 2026 Validation
In July 2026, the EITI Board gave Albania an overall score of 62/100 (“Limited”) for implementation of the 2023 EITI Standard. The assessment identifies areas requiring improvement in transparency, government engagement and disclosure across the extractive sector.
Albanian Prosecution Office — Bankers Petroleum Investigation
The Fier Prosecution Office announced criminal proceedings involving Bankers Petroleum Albania and associated individuals. Prosecutors allege artificially inflated expenses, concealment of income, fraudulent VAT schemes and suspected money laundering. According to prosecutors, Bankers reported losses throughout 2004–2024 despite more than 532 billion lek in exports and domestic sales. These remain allegations, and the defendants are presumed innocent unless convicted.
Albanian Customs Administration — Fuel Prices, 14 April 2026
The Transparency Board established maximum retail prices of 215 lek/litre for diesel and 178 lek/litre for gasoline. The decision states that these maximum prices include customs and tax obligations and VAT.
Albanian Customs Administration — Fuel Taxes
Albanian Customs lists a 27 lek/litre circulation tax on petrol/gasoline as well as carbon taxation. These charges help explain why possessing domestic crude oil does not automatically translate into cheap retail fuel.
Geo-Jade Petroleum — Albania Operations
Geo-Jade Petroleum lists Bankers among its Eastern European operations in Albania. Bankers Petroleum describes itself as an important producer and investor in Albania and states that it has invested more than $2 billion in the country.
EITI — Albania 2026 Validation
Albanian Prosecution Office — Bankers Petroleum investigation