Today.Az » World news » Georgia records decline in gasoline prices
24 August 2011 [14:11] - Today.Az
Georgia records a decline in the price of gasoline, beginning on Tuesday, the Chairman of the Importers and Producers of Oil Products Union, Vano Mtvralashvili, told Trend.
The gasoline price fell by 0.05 lair, about 3 cents, in retail sales.
Mtvralashvili said the prices declined due to recent events in the world commodity markets. "World gasoline prices also declined. Our market is totally dependent on the situation in the international markets. The prices may further decline in Georgia tomorrow or the day after", he said.
Mtvralashvili said problems have recently occurred with regard to fuel supplies. If there were no problems, then prices would have fallen earlier.
He said the declining prices are important for consumers, as fuel consumption increases during the summer.
"If one looks at statistics, oil prices are not reduced in international markets during the summer. What is happening today is an unprecedented case. Over the recent years, consumption has grown in the summer; respectively, the price should increase", Mtvralashvili said.
The oil price declines were associated with the end of the Libyan conflict. As a consequence, the premiums have dropped based on risk.
/Trend/
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