SOCAR head: Azerbaijan not to increase fuels and lubricants prices

Photo: SOCAR head: Azerbaijan not to increase fuels and lubricants prices / Oil&Gas

Azerbaijan, Baku, Nov.13 / Trend E. Ismayilov /

Rise in fuel prices is not expected in Azerbaijan, Rovnag Abdullayev, head of the State Oil Company of Azerbaijan (SOCAR) said on Saturday.

"Changes in fuel prices are not expected," Abdullayev said.

Prices for oil products in Azerbaijan are regulated by the government. According to the decision of the Cabinet of Ministers dated Jan.6, 2007, the country defined the new fuel prices from Jan.8. In particular, according to the decision of the Cabinet of Ministers, the cost of one liter of diesel fuel L-62 is set at 0.45 manat, gasoline AI -92 - 0.55 manat, while gasoline AI -95 - at 0.60 manat.

Oil products are produced in Azerbaijan on the basis of two oil refineries in Baku with total capacity of 20 million tons of oil per year. Both oil refineries are included in SOCAR, which annually refines more than six million tons of oil extracted from onshore and offshore fields at its own expense.

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