Economy, News

Fuel prices go up 2 % in Georgia

by | Aug 8, 2012

TBILISI, DFWatch – Prices for all types of fuel have gone up 5 tetri in Georgia, which is a two percent rise.

The Oil Product Import Union explained the price rise with increased burning of fuel in summer, which always increases the prices of oil products internationally.

Earlier, the organization noted an increase in fuel import to Georgia by 8.5 percent during the first half of 2012, equal to 378 323 764 kg.

This is seen in relation to a large number of tourists and other visitors.

“The international prices on fuel products have significantly increased according to Platts. It began in July and continues until today,” Vano Mrvarashvili, head of the Oil Product Import Union says. “The international price on fuel has increased by USD 130 on average, while it has increased by USD 60 for diesel.”

Fuel prices have kept rising in Georgia in recent time, but it doesn’t go down again when the price falls in the international market.

Last week, Transparency International Georgia accused fuel retailers of price fixing in a new report about the fuel market in Georgia. The report points out that prices of fuel are the same for almost all retailers in Georgia, and says there is an oligopoly in this market.

The TI report says that the fuel market tends to consolidate into fewer and fewer players in the market, while prices are increasing. From 2006 to 2011, the share of medium-sized companies in the overall fuel retail market turnover has decreased from 20% to 7%, while the employment share of these companies decreased from 47% to 17%.

The largest petrol companies in Georgia are Gulf, Socar, Lukoil, Rompetrol and Wissol. Today’s prices for super are 2.30 lari at four of them, while Rompetrol sells super for 2.35.



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