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Reason behind increase in fuel prices connected to GEL depreciation

Reason behind increase in fuel prices connected to GEL depreciation

According to Vano Mtvralashvili, Chairperson of the Union of Oil Products Importers, fuel prices increased by 5-10 tetri, which happened due to the GEL depreciation.

Mtvralashvili noted that the international price of oil had not increased yet.

"The price of fuel directly depends on two main factors, the price on the international market and the GEL exchange rate. Clearly, no company will benefit from increased prices, as consumption has declined due to the pandemic, and the companies want to increase the demand," Vano Mtvralashvili explains.

As a result of trading on September 28, 2020, the oil price on the world's leading oil exchanges in London and New York increased. The price of Brent crude oil at the Inter Continental Exchange Futures Europe (ICE Futures Europe) in London was 42.43 (+ 0.51) USD dollars/barrel. On the York Mercantile Exchange (NYMEX) in New York - the price of Light Sweet Crude Oil was 40.60 (+ 0.35) USD dollars/ barrel.

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