In our perception, fuel prices were not adequately adjusted by the market and no proportional reduction has been witnessed. That is why more active work is needed with fuel importers. It was announced by the Prime Minister of Georgia.
“As per my instructions, the Ministers of Economy and Finance met the fuel importers. Series of meetings were held. We are actively monitoring the fuel prices in Georgia. Close coordination is maintained with the management of the Georgian National Competition Agency (GNCA). I had a conversation with them this morning. In the conditions when GEL appreciated and Platts prices on fuel have declined, prices are tilting downwards.
We still have a feeling that fuel prices were not adequately adjusted by the market and no proportional reduction has been witnessed. That is why more active work is needed with fuel importers. I have recommended to the GNCA to start scrutiny and look into the integrity of importers by studying the degree of compliance with competition terms and conditions to avoid any deviation and violations of integrity principle. Of course, we should continue working.
Importers have promised that prices would drop much further even after declining by 0.10 GEL each month in July and August. Overall, reduction will be in the range of 0.20-0.30 GEL till the end of August. Nevertheless, more transparency is needed. Our fellow citizens should receive detailed information on the margins they charge, profit generated and so on.
Government does its best to keep GEL stable and the national currency recently appreciated pretty much. By taking into account these and other factors, we urge the importers to be in greater coordination with the Government and to have more communication with our general public. That is why this topic will be monitored by our Economic Team and we will later share additional information to our fellow citizens”, - said Irakli Garibashvili.