Fuel price hits record high for the last 3 weeks, which ranges within 2.85-3.15 GEL on various branded petrol stations.
Local companies explain fuel price increase by the prices on the international markets and GEL depreciation against USD.
However, GEL has significantly strengthened from May 14, which prompts the public expectations that this should have a positive impact on fuel prices.
Giorgi Kotrikadze, Chairman of the Association of Oil Product Importers and Distributors, explains that the population must not have expectation of fuel price decrease at present, because prices are still rising on the international markets and stabilization of the GEL at this stage only helps to maintain the existing rates.
"Today, the price of a barrel oil totals to $ 71, which actually determines the current prices. As for the strengthening of the GEL exchange rate, it helps to ensure that the price does not increase. I do not see a resource to reduce prices if downward trend is not noted on the international markets.
As for the consumption, it has always been high and now the shift of the curfew has increased even more. However, companies had a loss amid pandemic, but it had not yet been reflected on sales," - said Kotrikadze.
