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MarketScreener Homepage  >  Equities  >  PALESTINE SECURITIES EXCHANGE  >  The National Bank    TNB   PS1006112053

THE NATIONAL BANK

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National Bank : Georgia has no need to up fuel prices

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08/15/2019 | 12:17am EDT

The need to raise the price of fuel in Georgia has disappeared after the intervention of the National Bank, said the head of the Wissol Group (owns the largest chain of petrol and CNG stations in the country) Soso Pkhakadze, Trend reports with reference to apsny.ge.

"We didn't know if the National Bank would step it, so we didn't know at what level lari would stand. In this kind of situation, everyone would've raised the price. But after the intervention there is no need to raise fuel prices. I am sure that the lari will strengthen even more," said Pkhakadze.

According to him, if the lari is significantly strengthened, the prices may even be reduced.

"As for the price reduction, it depends on two factors: the exchange rate of lari and the price of petroleum products on the world market", said Pkhakadze.

Against the background of the lari depreciation and changes in international fuel prices, the leaders of the largest companies in Georgia planned to raise the price of fuel. After the auction of the National Bank of Georgia, the official exchange rate of the Georgian lari increased by 1.4 percent.

Earlier the fuel price has increased by 0.05 GEL at the majority of petrol stations across Georgia. The price for one liter of regular type petrol at Gulf network is 2.54 GEL, at Socar Petroleum Georgia - 2.53 GEL, Rompetrol - 2.54 GEL, Wissol - 2.59 GEL.

Wissol Group is one of the largest business groups in Georgia. With the largest chain of petrol and CNG stations and with aviation fuel deliveries, Wissol Group is the leading player in the country's energy sector. Besides, the Group is represented in the tyre, lubricants and car service, real estate, construction and advertising industries.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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