“Gasoline prices have increased by 15%, whereas the growth should have been around 30%; for diesel fuel, the increase was 33% compared to an expected 42%. This is driven by two factors: market competition and the availability of reserves, which allow us to avoid raising prices instantaneously,” stated Vasil Khorava, head of Wissol Petroleum, at a meeting of the temporary commission for price study.
He maintains that despite the significant surge in global oil product prices, fuel prices in Georgia remain among the lowest in the region.
Khorava noted that, given the conditions under which European companies raised prices immediately, fuel costs in Georgia should have been 40–50 tetri higher.
“The 15% rate is due to the availability of stock and reserves in the country; however, it is impossible to hold such reserves that would allow for maintaining this level for more than two months.
Price stability depends on how long-term this issue turns out to be,” Vasil Khorava stated at the temporary parliamentary commission meeting.