Regulator says high petrol prices in Armenia reflect objective reality

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Economy

17.11.2023, 15:59

Armenia's Commission for Protection of Competition said a study it had conducted shows that petrol prices have been rising globally.

Regulator says high petrol prices in Armenia reflect objective reality

YEREVAN, November 17. /ARKA/. Armenia's Commission for Protection of Competition said a study it had conducted shows that petrol prices have been rising globally.

'Taking into account logistics costs and taxes paid by petrol importing companies, the Commission notes that current petrol prices in Armenia reflect the objective reality," the regulator said in a statement.

Commenting on the fact that petrol prices in Armenia are higher that in all Eurasian Economic Union member countries , the Commission pointed out that the countries, which have their own petrol reserves, subsidize domestic prices.

"It should be noted that in parallel with the price increase, petrol selling companies' profits have decreased since they are seeking to mitigate the price increase as much as possible under the existing conditions," the regulator said.

According to the National Statistical Committee, in October 2023, petrol price in Armenia was up 8.6% compared to October 2022 while diesel fuel was down in price by 11%,.

Compared to September 2023 the petrol price was up 6.3%; the diesel prices rose by 7.1%. Petrol and diesel prices were up 25.5% and 0.4% respectively in October this year compared to December last year. -0-

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