The global oil price reached $115 per barrel today. Against this backdrop, a gradual increase in fuel prices in Kyrgyzstan is possible due to the global geopolitical situation. Kanatbek Eshatov, head of the Association of Oil Traders of Kyrgyzstan, told 24.kg news agency.
According to him, fuel prices in Kyrgyzstan largely depend on external factors, including the situation on the global oil market.
«Price increases are possible because the global geopolitical situation directly impacts the cost of oil and petroleum products. As you may have noticed, prices have been gradually increasing since February 1st—by approximately 30-40 tyiyns,» Eshatov explained.
He noted that Kyrgyzstan has accumulated sufficient fuel reserves.
«The situation on the fuel and lubricants market is currently stable. Oil product supplies are proceeding without interruption, and our existing gasoline and diesel fuel reserves, according to our estimates, will last for approximately two months,» he noted.
Kanatbek Eshatov added that spring field work has begun in the country, and the agricultural sector is fully supplied with the required volumes of fuel and lubricants. Fuel deliveries to Kyrgyzstan continue as usual, and there is no shortage on the domestic market.
- As it was previously reported, prices have soared more than 50 percent since the beginning of last week. This rapid growth is due to market participants’ concerns about Iran blocking the Strait of Hormuz, through which approximately 20 percent of the world’s oil passes.
- The Israeli and U.S. attack on Iran began on February 28 with multiple air and missile strikes on cities and military facilities. Tehran retaliated by attacking Israel and U.S. military bases in several Middle Eastern countries. Several high-ranking Iranian officials and military personnel were killed in the first hours of the attack. Following the initial strikes, U.S. President Donald Trump announced the start of Operation Epic Fury.
- The country’s Supreme Leader, Ayatollah Ali Khamenei, was killed, along with about ten high-ranking Tehran officials. The son of the killed Ayatollah, Mojtaba Khamenei, has become Iran’s new Supreme Leader.
