Despite petrol and diesel prices at Wissol reaching historical highs, the company’s CEO, Vasil Khorava, says its profit margins have fallen to minimal levels. Speaking on the TV program Business Morning, he said high retail prices primarily reflect international fuel costs, leaving distributors with little influence over pricing.
Khorava said Wissol is selling fuel at record prices but has minimized its own profit margin to limit the burden on consumers. However, he stressed that reducing margins further would not be enough to make prices affordable.
Last month, Georgian Competition and Consumer Agency Chairman Irakli Lekvinadze also reported a significant decline in fuel retailers’ margins compared with 2022. While margins on different fuel types were previously around GEL 0.80–1.20 per liter, current margins based on displayed prices and costs are estimated at GEL 0.18–0.30. Loyalty discounts and self-service pricing further reduce the amount retailers retain.
Khorava also drew parallels with the 2008 oil crisis, when Wissol responded to peak oil prices by developing its natural gas refueling network. He said the market is now shifting toward electric and hybrid vehicles, a trend that is expected to gradually reduce demand for both traditional fuels and natural gas.
