Oil Product Importers Union: fuel prices reduced by 30-40 tetri, trend to continue in September

Branded filling stations as well as small- and middle-sized petrol stations across Georgia have decreased fuel prices by 30-40 tetri following the recent strengthening of the national currency and the reduction of international oil prices, with the trend expected to continue in September, the Head of the Union of Oil Products Importers, Vano Mtvralashvili, said on Tuesday.

In small- and medium-sized filling stations, the most popular regular fuel costs ₾3-3.05 (about $1.08). It is important that the price of diesel fuel in small- and medium-sized networks has fallen below the ₾4 mark. As for branded filling stations, they have been actively reducing prices since the beginning of August. They have already reduced prices by 30-40 tetri on average", Mtvralashvili said.

The representative of importer companies said the reduction of prices had started following the August 15 statement of Prime Minister Irakli Garibashvili, who said even though the price of fuel had decreased in July and August, "there remains a feeling that the price decrease is not proportional to [relevant] factors". Garibashvili also instructed the Georgian National Competition Agency to investigate the issue.

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

The Agency started inspection of domestic fuel prices on August 17 to study the competitive behaviour of large sellers in the Georgian market and its compatibility with the competition legislation.