19.Jul .2022 19:00

Russia Has Become Number One Oil Product Import Market For Georgia

Russia Has Become Number One Oil Product Import Market For Georgia
views 310
Back

The Russian Federation became the number one fuel import market for Georgia. In 2021, this position was occupied by Turkmenistan. However, due to the record increase in fuel prices this year, Georgian oil importers switched to discounted Russian fuel.

In the first 6 months of 2022, Georgia purchased 597,537 tons of fuel worth USD 577 million. The import value has increased by 76%, while the volume of imported oil has increased by 4%. The value of imports directly from Russia increased by 208%.

According to import prices, the average cost of fuel imported from Russia in June was USD 1,005 per ton, the average price of imports from Bulgaria - USD 1,167, and from Romania - USD 1,265.

According to countries, the import of oil products is distributed as follows (in amount):

1) Russia - USD 184 million, an increase of 208% compared to the previous year;
2) Romania - USD 124 million, an increase of 71% compared to the previous year;
3) Turkmenistan - USD 98 million, an increase of 23% compared to the previous year;
4) Bulgaria - USD 77.5 million, an increase of 131% compared to the previous year;
5) Azerbaijan - USD 48.5 million, an increase of 44% compared to the previous year.

Import of oil products by volumes:

1. Russia - 198,242 tons, an increase of 77%, the share in the total import is 33%;
2. Romania - 127,221 tons, an increase of 1.2%, the share in the total import is 21%;
3. Turkmenistan - 98,193 tons, 12% decrease, 16% share in total imports;
4. Bulgaria - 79,378 tons, 18% decrease, 13% share in total imports;
5. Azerbaijan - 56,854 tons, decrease of 1%, share in total import 10%.

Oil imports from Russia were particularly large in June, when 59,393 tons of fuel worth USD 59.7 million entered the country.

In May, the Georgian Competition Agency published a report in which it was said that Russian fuel was cheaper compared to European fuel. Probably, because of the low price, the business increased its imports from Russia.

Currently, the price of one ton of gasoline (platts) is USD 1,134. Compared to this price, Russian fuel is several percent cheaper.