Georgian union names reasons for increased prices
Georgia, Tbilisi, Dec. 15 / Trend N.Kirtzkhalia /
The Georgian Union of Manufacturers, Importers and Consumers commented on the higher prices for petroleum products today.
"Oil prices have rapidly increased recently and still remain high," Vano Mtvralasvhili, the head of the union, said at a news conference. "This year, the price has fluctuated between $70 and $78. Since October, the price began to rise and reached $88-$9, which is the highest figure over the past two years."
Mtvralashvili said the price for Brent hit $91.19 per barrel on the InterContinental Exchange Futures Europe and the price for Light Sweet reached $88.61 per barrel on the New York Mercantile Exchange.
He linked the rising prices with various factors, including the decline of the rate of the dollar against the euro and the predictions for accelerated global economic growth. The unprecedented cold winter in Europe has also caused an increase in the consumption of petroleum products.
"The world prices for petroleum products also increased," he said. "After September, the world price of petrol rose by 20 percent from $684 to $818 per ton and the price on diesel fuel increased by 19.4 percent from $642 to $749 dollars per ton."
Over the past three months, the lari has consolidated against the dollar at 4.5 percent, he said.