Gasoline Prices Will Continue to Rise Next Month: Radar Armenia

In recent days, gasoline and diesel prices have increased again. Regular gasoline is now sold for 520-530 drams, up from 500-510, while premium gasoline is priced at 540-550 drams, replacing the previous 520-530 drams. Meanwhile, the price of diesel fuel has reached 570 drams.

According to the Statistical Committee, compared to February 2021, gasoline and diesel prices increased by 31.2% and 44.6% respectively in February 2022. The sharp rise in gasoline prices was a result of increased oil prices in the international market due to the Russia-Ukraine conflict. In recent days, oil prices have started to decrease, but this has yet to impact gasoline prices locally, reports Radar Armenia.

Kamo Melkonyan, the director of Max Oil, one of the major gasoline importing companies, linked the price rise to oil prices, stating that they do not track oil prices daily but rather fixate on them monthly. The pricing is based on the average value for the month. He noted, “Our organization’s price increase is linked to oil prices. We are still selling the products we imported last month. Today, the cost of diesel fuel is 620 drams, but we are still selling at last month’s price. Now that prices have risen, it is possible that gasoline prices will increase next month.”

Another gasoline importing company, Flash, shared with the news agency that the price rise is related to international market conditions and the increase in oil prices. “The price depends on the cost of imported fuel. We are not a producing company; we sell at the value at which we import from the international market,” they stated.