Tuesday, January 31, 14:51

Petrol price in Armenia have increased and are still on upward trend,
Mushegh Elchyan, Deputy Head of Flash Oil Trader Company, told ArmInfo.

He said the prices in Armenia are affected by the growth of the
world prices of oil products as well as the legislative amendments
providing for VAT imposition on import of petroleum instead of the
previous fixed payments. The amendments came into effect on Jan 1 2012.

However, the companies still sell the stored fuel and the amendments
have not finally affect the prices in the country, Elchyan said. He
forecasts that the oil prices will reach new heights in 1-2 months
when reserves are run out. Anyway, despite global price fluctuations,
oil products will be on upward trend and U.S. embargo on Iranian oil
will resulted in fuel deficit and a new wave of price hike, he said.

The situation will indeed affect Armenia since the country purchases
fuel in Europe, mainly Romania and Bulgaria. In particular, diesel
is supplied from Iran so far.

Since late Jan 2011 petrol prices in Armenia grew by 10 AMD per liter.

Super AI 98 reached 500 AMD per liter, Premium AI 95 - 470 AMD per
liter, Regular AI 91 - 450 AMD per liter. Only diesel price was left
unchanged - 440 AMD per liter.