How global oil prices affect gasoline prices in Armenia — comment by the head of the Central Bank of Armenia
15.09.2026,
20:16
The head of the Central Bank of Armenia, Martin Galstyan, stated that a significant return of global oil prices to previous levels should not be expected in the near future.
YEREVAN, September 15. /ARKA/. The head of the Central Bank of Armenia, Martin Galstyan, stated that a significant return of global oil prices to previous levels should not be expected in the near future.
"The rise in global oil prices is a significant factor for consumer prices in Armenia, given the share of gasoline in the consumer basket," he said at a press conference on Tuesday.
According to data provided by the Central Bank of Armenia, the number of tankers transiting the Strait of Hormuz has sharply decreased to practically zero since March 2026. Against this backdrop, the price of Brent crude oil, previously mostly in the range of $60-70 per barrel, began to rise and, with significant fluctuations, rose to approximately $120 per barrel in the following months. By September, oil prices had again approached $100 per barrel and have been trending upward in recent days.
"The US had approximately 700 million barrels of strategic oil reserves (according to the Central Bank, as of 2012: ed.), today their strategic reserves are at around 300 million [barrels]. This will impact oil prices," Galstyan said, responding to a question from the ARKA news agency.
According to the head of the Central Bank, the situation in the Middle East will make it impossible to expect a significant return of oil prices to previous levels in the near future.
Speaking about the impact of this situation on consumer prices in Armenia, Galstyan noted that gasoline accounts for approximately 5% of the consumer basket.
"Gasoline prices have reached 586-600 [drams per liter], which is significantly different from the level of even a few months ago." Therefore, this is a significant factor," he said.
According to Armstat, gasoline prices in Armenia increased by 11.7% in August 2026 compared to August 2025, while diesel fuel prices increased by 25%. Over the month, gasoline prices increased by 4.1%, while diesel fuel prices increased by 9.8%.
"The rise in global oil prices is a significant factor for consumer prices in Armenia, given the share of gasoline in the consumer basket," he said at a press conference on Tuesday.
According to data provided by the Central Bank of Armenia, the number of tankers transiting the Strait of Hormuz has sharply decreased to practically zero since March 2026. Against this backdrop, the price of Brent crude oil, previously mostly in the range of $60-70 per barrel, began to rise and, with significant fluctuations, rose to approximately $120 per barrel in the following months. By September, oil prices had again approached $100 per barrel and have been trending upward in recent days.
"The US had approximately 700 million barrels of strategic oil reserves (according to the Central Bank, as of 2012: ed.), today their strategic reserves are at around 300 million [barrels]. This will impact oil prices," Galstyan said, responding to a question from the ARKA news agency.
According to the head of the Central Bank, the situation in the Middle East will make it impossible to expect a significant return of oil prices to previous levels in the near future.
Speaking about the impact of this situation on consumer prices in Armenia, Galstyan noted that gasoline accounts for approximately 5% of the consumer basket.
"Gasoline prices have reached 586-600 [drams per liter], which is significantly different from the level of even a few months ago." Therefore, this is a significant factor," he said.
According to Armstat, gasoline prices in Armenia increased by 11.7% in August 2026 compared to August 2025, while diesel fuel prices increased by 25%. Over the month, gasoline prices increased by 4.1%, while diesel fuel prices increased by 9.8%.
