Fuel prices expected to decrease in Georgia

Oil&Gas Materials 10 March 2020 17:16 (UTC +04:00)
Fuel prices expected to decrease in Georgia

BAKU, Azerbaijan, March 10

By Tamilla Mammadova – Trend:

Fuel prices are expected to decrease in Georgia, Vano Mtvralashvili, head of the Association of Georgian Oil Product Importers said, Trend reports citing Georgian media.

“Now the Georgian oil companies are having a difficult period, they are forced to lower fuel prices, despite the fact that a significant part of fuel was purchased by the companies at old prices,” said Mtvralashvili.

Recently, the price of oil products in Georgia has decreased by 12-15 tetri (4.31-5.28 cents) per liter, but now, after the collapse of international prices on oil, companies will have to reduce it again, he added.

Although the reduction in prices will be beneficial to consumers, it will create difficulties for oil companies, some of which will have to sell fuel at prices lower than purchase prices, the head of the association said.

Meanwhile, following to the results of trading on March 6, 2020, oil prices at the leading world exchanges in London and New York fell.

According to Bloomberg, the collapse of the oil market has become the largest since 1991, when the Gulf War broke out. The reason for this is called an outbreak of coronavirus in the world.


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