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Government of Kyrgyzstan voices reasons for gasoline prices increase

The Vice Prime Minister of Kyrgyzstan, Zamirbek Askarov, held a meeting on the situation in the market of fuels and lubricants. The Information Support Department of the Government’s Executive Office reported.

According to the State Agency of Antimonopoly Regulation, since the beginning of 2018, retail prices for petroleum products in the republic have increased by an average of 5.8 percent.

«The reaction of the market is caused by the increase in wholesale prices at Russian oil refineries. The main reason for the situation is the repair of a number of refineries. As a result, the market reacted with the increase in prices, despite the fact that other factories, albeit insignificantly, have increased production volumes,» the government noted.

The other factor was the overall increase in world oil prices, which continues for the sixth week in a row. Only in May 2018, it amounted to 9-10 percent. For the first time in the past three and a half years, the price of oil has exceeded $ 80 per barrel. This led to a significant increase in the cost of oil products in Europe.

Following the meeting, the State Agency of Antimonopoly Regulation was instructed to monitor the situation on the fuel market and analyze the composition of costs in the formation of their prices.

The State Committee of Industry, Energy and Subsoil Use was instructed to take measures to increase production at domestic refineries and to fully load them.