Chairman of Georgian Oil Importers Union talks about fuel prices

Oil&Gas Materials 31 March 2020 17:15 (UTC +04:00)
Chairman of Georgian Oil Importers Union talks about fuel prices

BAKU, Azerbaijan, March 31

By Tamilla Mammadova – Trend:

The decline in fuel prices in Georgia is likely to continue at the current stage, said Chairman of the Union of Oil Importers Vano Mtvralashvili, Trend reports citing Georgian media.

Mtvralashvili commented on the decline in oil prices on the world market and noted that over the past month and a half, fuel prices have fallen by an average of 25-30 tetri (7.62-9.15 cents) in Georgia.

According to him, the decline in fuel prices in the local market is likely to continue. However, since the lari exchange rate plays an important role in determining the value of the product, it is difficult to talk about specific figures.

“The collapse of world oil prices should lead to a further decline in oil prices in Georgia,” Mtvralashvili said.

Meanwhile, oil prices are on pace to register their worst quarterly performance on record, as the coronavirus pandemic continues to crush global demand for crude.

Thus, WTI Crude Oil (Light Sweet) price at NYMEХ Stock Exchange down by 2.43 percent to $21.31 per barrel on March 31. Brent Crude Oil price at London’s IСE Stock Exchange down by 6.98 percent to $23.19 per barrel.


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