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Oil product prices start growing in Georgia

Oil&Gas Materials 7 July 2020 18:34 (UTC +04:00)
Oil product prices start growing in Georgia

BAKU, Azerbaijan, July 7

By Tamilla Mammadova – Trend:

In early June, due to the fluctuation of the world oil prices, Georgian gas station chains began to increase the price for oil products, said Vano Mtvralalashvili, head of the Georgian Union of Petroleum Importers, Trend reports referring to Georgian media.

The process began with small companies that buy fuel in smaller quantities, and, accordingly, are more dependent on price fluctuations, he noted adding that at the same time, large branded networks, which traditionally have more significant reserves, can maintain the current price level for some time.

In March, due to the collapse of international oil prices, fuel prices in Georgia dropped significantly by about 70-80 tetri (23-26 cents) per liter, Mtvralalashvili stressed.

Now, after the world economy gradually began to recover and, accordingly, oil prices also began to rise, the local market reacted accordingly; in particular, small gas station chains increased prices by an average of 20-25 tetri (6.57-8.22 cents) per liter.

“During the pandemic, non-oil prices fell to historic low, but after May 20, a gradual market recovery began. As a result, the fuel prices in Georgia rose. Prices have risen so far only in small networks, but over time the trend will continue in large ones, as the situation on the international market affects all companies, both large and small,” said Mtvralalashvili.

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