Georgian Competition Agency fines 5 largest petrol companies for high prices

The Georgian Competition Agency on Friday announced it had fined five largest petrol companies for maintaining high prices in the retail market of motor fuel between March and August 2022. 

Gulf, Rompetrol, Lukoil, Socar and Vissol all have been fined up to 4 million GEL. 

In April 2022, when the fuel price increase in Georgia was already noticeable, Prime Minister Irakli Garibashvili said that “Georgia could not be an exception”. He then called on importers to reduce prices. A few months later, the Competition Agency began to study fuel prices on the domestic market.