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Fuel prices expected to go up in Georgia

georgiaFuel prices are expected to go up in Georgia, reported the Georgian Union of Oil Products Importers.

According to the same source, the Georgian retail network is tied up to the world oil prices and growth of world oil prices will affect Georgia. A source from the Union said that the price growth has been caused mainly by the crisis in Iraq, which is among the main oil producers and importers. Iraq exports 2.8 million barrels, which constitutes 3% of oil production in the world.

The Russian-Ukrainian crisis also partially affects the growth of oil prices, reported Novosti-Georgia news agency. In particular, Russian gas and oil is transported to Europe through Ukraine and there is fear there may be problems with deliveries. Petrol prices went up by 7% and diesel fuel prices by 6%.