Economy minister: surge in fuel prices in Georgia not in line with int’l market

A study of the fuel market by the Georgian Competition Agency has found that the effect of rising fuel prices on the local market was not in line with rising fuel prices on the international market, Minister of Economy and Sustainable Development of Georgia, Levan Davitashvili, said on Monday.

“In any case, the effect of the growth that was here is not in line with the rise in prices in the international market. We think there is a need for more communication with both retailers and importers of fuel,” he said.

Davitashvili stated that the government economic team and the Competition Agency would have communication with fuel importers and retailers.

“Our expectation is that the price of fuel should be further reduced,” Davitashvili said.

Prime Minister Irakli Gharibashvili said on May 2 that the country began importing cheap fuel but that made no changes in the price. He said that causes should be investigated by the Competition Agency.

Fuel prices in Georgia have particularly risen since the start of the war in Ukraine.

On March 23, the price of fuel at petrol stations reached a historic maximum – more than 4 GEL for one liter. 

The high  price has been maintained or decreased a bit by some companies.