Fuel price is down on the wholesale market in Georgia due to GEL strengthening. However, price on oil products are not decreasing on the international market, but on the contrary growth trend is observed there (1 ton = $ 662). Players of wholesale market explain that sharp strengthening of GEL has outweighed price rise on the international market.
“Fuel price is down by 10 tetri in Georgia for the last 2 weeks, but it takes price on the wholesale market, which will definitely be reflected in the retail network in the future. If oil products price is not increased on the international market, fuel price will be definitely reduced on the Georgian market after some time," - said Zaal Iakobidze.
Wissol CEO says that the strengthening of the lari only offsets the market from rising prices. But, Vasil Khorava does not rule out fuel price reduction by 5 -10 tetri.
Wissol CEO also explains the reason for price reduction on the wholesale market and notes that retail sector’s behavior will be the same in a 2-3-week cycle, if there is no oil price increase on the international market, which makes a difference of about $ 30 in the last two weeks.
"Wholesale price is more sensitive than retail price. Retail price needs some time, after a particular business entity updates new working capital. It depends on the turnover and sales of the facilities. Wissol does not import Turkmen products, we import European products by sea, therefore the working capital is not replenished so quickly and its cost is not the same as the products imported from Turkmenistan," Khorava said.
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