Fuel Became More Expensive For The Gov’t
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The Georgian government, ministries and public institutions buy fuel from major oil companies operating in the country on the basis of a consolidated tender. According to the agreement between the parties, the purchase price is updated every month based on a special formula.
Under the contract, the price is determined at the beginning of the month based on the average price of one ton of gasoline recorded on the PLATTS EUROPEAN MARKET during the month.
In May 2022, one ton of PLATTS-branded fuel price increased by more than 17.1% from USD 1,047 and totaled to USD 1,227 on average.
Meanwhile, fuel price increase was not 17% as the GEL exchange rate strengthened in May and 1 USD worth an average of 2.97 GEL, which is 3.2% less than in April.
• Regular type of fuel - May - GEL 3.53, June - GEL 3.91, increase of 9.72%;
• Premium type of fuel - May - GEL 3.54, June - GEL 3.92, increase of 10.62%;
• Super type of fuel - May - GEL 3.87, June - GEL 4.24, increase of 9.5%.
It is noteworthy that this increase in prices in retail chains has not yet been reflected for the average consumer, and it’s likely that companies will also increase the price of fuel for retail customers in the coming weeks.
Currently, the price for regular type of fuel in retail chain ranges from 3.49 GEL -3.73 GEL; Premium - 3.89GEL -3.97 GEL; Super 4.05GEL - 4.12 GEL.