Global oil price spikes are already pushing fuel costs up in Georgia, with Wissol increasing prices by up to 15 tetri, says Vasil Khorava, CEO of “Wissol Group.” Speaking on Business Morning, he noted that although international markets have seen unprecedented jumps, especially in diesel, local prices still do not fully reflect the global surge due to existing reserves.
According to Khorava, Georgia’s fuel market lacks the capacity to freeze prices for long periods. The country generally keeps only 2–3 weeks of reserves, and for fast-turnover products like diesel, adjustments are unavoidable. Over the past week, diesel prices on global markets rose by up to $450 per ton, about a 65% increase, a scale Khorava says he has “never seen in 25 years.” Converted to local currency, this spike equals 80–90 tetri per liter in potential growth.
He emphasized that Georgian companies have so far absorbed much of this shock, raising prices only modestly. However, if international prices remain elevated for more than several days, stage-by-stage increases in Georgia are inevitable. Unlike Europe, where fuel prices change immediately, Georgia’s reliance on periodic imports from producers slows the adjustment but does not prevent it.
Khorava added that consumer behavior may speed up price hikes. In recent days, some drivers have started buying significantly more fuel than usual, rapidly depleting reserves. “If customers purchase two or three times more than they normally do, stocks run out faster, and stability becomes impossible,” he said, noting that continued volatility in global markets will directly affect Georgian fuel prices in the coming weeks.
