Price of fuel and lubricants in Kyrgyzstan increased by 70% over past year

Kyrgyzstan 21 January 2022 22:51 (UTC +04:00)
Price of fuel and lubricants in Kyrgyzstan increased by 70% over past year

Over the past year, the price of fuel and lubricants (POL) in Kyrgyzstan increased by 70%, the Antimonopoly Committee said, Trend reports citing Kabar.

At the same time, he noted that, against the background of some neighboring countries and the EAEU countries, the cost of fuel and lubricants in the republic is much lower.

Given that the fuel and lubricants market of the Kyrgyz Republic is import-dependent and prices largely depend on external factors: the situation that has developed in the world and Russian markets, as a result, is reflected in the market of Kyrgyzstan, the committee explained.

On this occasion, a meeting was held with major oil traders of the republic, the Association and the Union of Oil Traders of Kyrgyzstan to discuss prices, stocks and supplies of fuels and lubricants, problem points, in order to stabilize and smooth prices.

During the meeting, oil traders expressed their concern in the face of rising prices, as well as the lack of working capital to purchase the required volumes of fuel and lubricants. It was also noted that due to the increase in prices at Russian refineries, oil traders of Kyrgyzstan will be forced to raise prices on the domestic fuel and lubricants market, the report said.

As a result of the meeting, oil traders were recommended to:

- to prevent a sharp increase in prices for fuel and lubricants, using mechanisms to equalize prices to a breakeven level;

- provide the necessary reserves of fuels and lubricants to saturate the fuels and lubricants market and prevent the creation of a shortage of oil products;

- strengthen control and prevent infringement of consumer rights due to underfilling of fuel and lubricants at gas stations;

- provide feedback to the State Agency in case of changes in the market situation and the possibility of taking preventive measures.

For objective reasons, oil traders began to gradually adjust prices for AI-92 gasoline, taking into account new contracts and existing reserves, preventing a sharp increase in prices, the committee said.