Fuel prices in Georgia have begun to rise again after several months of decline. Since June 24, the cost of gasoline has increased by 2-20 tetri, marking a shift from the downward trend observed during the spring.
According to Zaal Iakobidze, General Director of Senta Petroleum, the increase is driven by two key factors: fluctuations in the international oil market and rising fuel prices in Russia, Georgia’s main supplier.
“Over the past month and a half, we've seen an upward trend in global prices. At the same time, fuel prices have risen on the Russian domestic market, which has directly affected Georgian importers. The purchase price for our companies has increased; Russia is simply selling us gasoline at a higher price,” Iakobidze told BMG.
He also noted that the recent strengthening of Georgia’s national currency helped prevent fuel prices from rising even further.
“Had the exchange rate not improved, we would be seeing even higher prices at the pump,” he added.
Iakobidze explained that seasonal trends in the Russian market also play a significant role. During the summer months, domestic fuel consumption rises in Russia, creating greater demand and driving up prices, a pattern that regularly affects Georgian importers.
Earlier in March, major fuel retailers in Georgia had lowered prices, reflecting the global decrease in oil prices. This trend continued into May, with industry representatives forecasting further reductions. However, escalating tensions in the Middle East have disrupted global markets and reversed the trend. As a result, the last fuel price hike in Georgia occurred on June 24.
