Oil Product Importers Union: Georgian fuel prices to continue to decrease

Petrol and diesel prices will continue to fall this month in Georgia following the strengthening of the national currency and the reduction of international oil prices, the Union of Oil Products Importers announced on Tuesday.

The Head of the Union, Vano Mtvralashvili, said international oil prices were returning to their pre-Ukraine war levels and the trend would be gradually reflected on Georgia’s retail networks as well.

The international market prices have started to decrease, and the national currency is getting stronger - accordingly fuel has started to become cheaper in our country as well”, he said, adding the decrease in prices was “particularly noticeable at non-branded gas stations”, where petrol could be purchased for an average of ₾3 (). “As for diesel, it has become cheaper by 30-40 tetri [...] Prices will continue to decrease in August", he said.

Georgian Prime Minister Irakli Garibashvili announced at yesterday's Government meeting that fuel importer companies had promised the Government to decrease prices by 20-30 tetri by the end of August.

The PM said the Government needed to “intensify” its work with fuel importers, citing public perception that the domestic fuel prices did not reflect dynamics of decreasing costs, the Government Administration said on Monday.

• Georgian PM: fuel prices to be reduced by 20-30 tetri until end of August

The New York Times reported on Monday that oil prices were lower than before the outbreak of the Russia-Ukraine war, having dropped by more than 30 percent in two months. The newspaper said “news of a slowing Chinese economy and a cut in Chinese interest rates sent prices down further, to less than a barrel for the American benchmark”.