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Fuel Price Not Expected to Fall Below 2 GEL

Company SOCAR is not expecting fuel price to fall below 2 GEL. According to the general director of SOCAR Petroleum Georgia, Levan Giorgadze, they had to increase the price with 20 tetri only because of excise component growth.

Giorgadze said that considering Gel exchange rate and international market trend, decreasing prices significantly is not expected. Considering increased prices, the company predicts the decrease of the consumption.

“The fuel price is influenced by international market prices. Since the prices are quoted in USD, exchange rate and excise tax have an influence on it. We expect something to change. We don’t think the price will fall below 2 GEL. With the rise of prices, it is expected that consuming fuel will decrease”- declared Levan Giorgadze.