Gas Prices in Armenia Expected to Continue Decreasing, Economist Says

Gasoline prices in Armenia decreased by approximately 40 drams starting from the last ten days of January. Currently, in most gas stations, the 'regular' type of gasoline is being sold at 490 drams, while 'premium' gasoline is priced at 530 drams.

In an interview with Armenpress, economist Aghasi Tavadyan attributed the price decline to global economic trends, stating that he expects gasoline prices to continue to lower in the coming months.

Tavadyan outlined three main factors contributing to the formation of gasoline prices in Armenia: the decrease of gasoline prices in the United States, a drop in global oil prices, and the lifting of Russia's gasoline export ban, which was in effect from September 21 to October 22 of last year.

“Overall, all three factors contribute to the shaping of gasoline prices in Armenia in their own way. It should be noted that just last February, gasoline in our country was sold for 380-400 drams. Subsequently, until September 4, prices gradually rose, peaking three months ago when 'regular' and 'premium' gasoline reached prices of 540 and 570 drams, respectively. The last price hike, which occurred on October 4, was actually attributed to the devaluation of the dram, which was also a reaction from our market to the fall of Artsakh.

Gasoline prices in Armenia have always fluctuated periodically. At our border, these prices have been comparable to global market trends and have not been dictated by so-called internal oligopolistic agreements. The current price decline is also a manifestation of this trend. I believe that gasoline prices in our country will continue to decrease,” Tavadyan emphasized.

He noted that the global decline in gasoline and oil prices began 2-3 months ago and is still ongoing. However, according to Tavadyan, the Armenian market usually reacts to global developments with a delay, and gasoline prices here have only just begun to decrease.

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