Socar Georgia Petroleum expects fuel prices in Georgia to decrease by 10–15% in early July if the current decline in global oil prices persists.
International oil markets have seen a sharp downward trend amid reports of easing geopolitical tensions between the US and Iran. Brent crude has fallen to around $79 per barrel, while US WTI is down to $76. Russian Urals crude has dropped to $67, marking a roughly 37% decline in one month and about 40% from recent peaks.
Socar Georgia Petroleum Director Nodar Kanchaveli said international price benchmarks (Platts) have decreased by around 10% in the past two weeks, creating conditions for lower retail fuel prices in Georgia.
He noted that since March, petrol prices had risen by about 60% in cost terms and diesel by about 80%, though retail adjustments were smaller.
“If the trend continues and we see a 10–15% monthly decline, then in early July we expect a similar reduction in retail prices,” Kanchaveli said, adding that diesel prices are likely to see a larger correction than petrol due to earlier sharper increases.
He also noted that the market is currently operating on May-based inventories, meaning the full effect of international price changes will be reflected with a delay.
