Czechia again meets EU rules and has 90 days’ worth of oil reserves after almost a year and a half

After almost a year and a half, the Czech Republic once again meets EU rules and has emergency reserves of oil and petroleum products equivalent to 90 days of normal daily consumption. The Administration of the State Material Reserves (SSHR) replenished its stocks with purchases made this year worth more than two billion crowns. SSHR chairman Pavel Švagr told the Czech News Agency (ČTK) today. According to him, there is currently no risk of a fuel shortage in Czechia.

“This year, we have invested more than two billion crowns in purchasing emergency reserves. We have filled the available capacity in our oil storage facilities. We currently have enough oil and petroleum products for 90 days of consumption,” Švagr said.

Czechia has therefore once again met the EU requirement that each member state hold oil and petroleum product reserves sufficient for at least 90 days. The Czech Republic had been below this limit since last summer. Since then, the State Material Reserves Administration has held a total of six tenders to purchase additional oil stocks. The first five ended without a result, while the sixth led to a contract with Normeston.

The exemption from sanctions against Russia that allows the Bratislava-based Slovnaft refinery to export products made from Russian oil to the Czech Republic expires today. Slovakia has asked the EU to extend the exemption. The European Commission has not yet decided on the request, but is expected to do so next week. The Czech government supports Slovakia’s initiative.

Slovnaft is an important fuel supplier to the Czech Republic, particularly for diesel. In this context, the SSHR chairman noted that the administration had purchased an additional 50 million litres of diesel for its reserves in advance.

“According to information from distributors, there is currently no risk of a fuel shortage on our market. However, if a supply problem should arise, we are ready to release our reserves,” Švagr noted.

The Czech Republic was below the EU requirement from spring 2017 until 2020. It began meeting the limit during the coronavirus pandemic, thanks to a slowdown in industrial activity and the economy. Since last summer, however, stocks have again fallen to around 88 days of normal consumption.