Liquefied Gas Prices in Armenia Increased by 54.4% in One Month

In one month, the price of liquefied gas in Armenia has increased by more than 1.5 times, although it had been gradually decreasing over the previous months.

According to the report published today by the Statistical Committee of Armenia, liquefied gas prices in July increased by 54.4% compared to June. It is noted that according to Sputnik Armenia, the price of liquefied gas rose from 100 drams two months ago to 230 drams now.

When comparing it with December 2023, liquefied gas has actually decreased by about 20% in Armenia. It is worth mentioning that the decrease started in January 2024.

Earlier, economist Suren Parsyan stated in an interview with Sputnik Armenia that the increase in liquefied gas prices could be due to the fact that major importers have driven smaller ones out of the market, thereby dictating prices. However, the State Competition Commission of Armenia later refuted this claim, stating that in July, nearly 100 companies continued to import liquefied gas, with even the largest player's market share not exceeding 10%, meaning they could not significantly influence the market.

According to the Commission's statement, liquefied gas prices have changed beyond the borders of Armenia, particularly in Russia. It should be noted that, according to data from the Saint Petersburg International Commodity Exchange, the price of liquefied gas has indeed risen in Russia.

Mid-July saw liquefied hydrocarbons reach their highest prices since November 2023 in Russia. Russian analysts explain the price increase by seasonal demand growth. Meanwhile, while the Russian government implements price controls for gasoline, such as export bans, no such measures are being applied to liquefied gas.

Recall that in June 2024, compared to May, gasoline and diesel fuel prices decreased by 0.2% and 0.1%, respectively.