Fuel prices in Georgia would have increased by 50–80 tetri had reserves been depleted, according to Wissol’s CEO Vasil Khorava, who told BMG that the company is taking measures to soften the impact of the global oil price surge. Khorava says the price adjustments consumers are seeing at gas stations reflect only a small fraction of the real pressure coming from international markets.
“We increased prices only symbolically. Unfortunately, current global prices are much higher than the small change we made,” Khorava said, adding that further increases are likely unless the market stabilizes. Although crude oil saw a slight decline today, he explains this has yet to be reflected in refined product prices - where Georgia purchases its fuel. “Platts prices continue to rise. The backward movement in crude hasn’t reached refined products yet.”
According to Khorava, Wissol managed to keep prices stable for around ten days due to existing reserves. Strong sales during this period did not translate into price hikes because the company was covering demand with earlier, cheaper stock. “Had these reserves run out, we would have needed to raise prices by 50 tetri today instead of 10. Current global benchmarks are 70–80 tetri higher, especially for diesel, compared to ten days ago,” he noted.
Fuel prices in Georgia began rising on March 7 following a sharp global spike driven by geopolitical tensions. Most networks have increased prices by 2–12 tetri, while diesel has risen by up to 18 tetri, reflecting the commodity’s higher sensitivity to international market shocks.
