According to the information provided by National Statistics Office, diesel fuel import decreased by 10 percent compared to the previous month and reached USD 46 million in February. However, the diesel import increased by 81 percent comparing the indicators of the first two months of this year to the same period of last year.
Experts concluded that the increase is related to the jump in price of diesel fuel, which was raised by USD 130-150 per tonne in the second half of last year. On the other hand, fuel import remained unchanged last month.
As Ministry of Mining and Light Industry informs, the national fuel reserves can cover 44 days of average consumption as of the end of last week, affirming that there is no risk of fuel shortage. In addition, the average price of fuel has increased by over MNT 30 per liter since the end of January regardless of tax subsidy for A92 fuel and is currently being sold at approximately MNT 1664 per liter.
Fuel distributors explain that fuel price was raised due to the oil price increase on the global market. Mongolian companies are guided by the SGX price when purchasing fuel from Rosneft. During the period, A92 price was increased by 20 percent compared to the same period of last year. Additionally, the oil price, which was constantly increasing in the second half of last year, dropped by 10 percent since the end of January. Presently, the Minister of Mining and Heavy Industry is holding a policy to maintain fuel price.
According to the information provided by National Statistics Office, diesel fuel import decreased by 10 percent compared to the previous month and reached USD 46 million in February. However, the diesel import increased by 81 percent comparing the indicators of the first two months of this year to the same period of last year.
Experts concluded that the increase is related to the jump in price of diesel fuel, which was raised by USD 130-150 per tonne in the second half of last year. On the other hand, fuel import remained unchanged last month.
As Ministry of Mining and Light Industry informs, the national fuel reserves can cover 44 days of average consumption as of the end of last week, affirming that there is no risk of fuel shortage. In addition, the average price of fuel has increased by over MNT 30 per liter since the end of January regardless of tax subsidy for A92 fuel and is currently being sold at approximately MNT 1664 per liter.
Fuel distributors explain that fuel price was raised due to the oil price increase on the global market. Mongolian companies are guided by the SGX price when purchasing fuel from Rosneft. During the period, A92 price was increased by 20 percent compared to the same period of last year. Additionally, the oil price, which was constantly increasing in the second half of last year, dropped by 10 percent since the end of January. Presently, the Minister of Mining and Heavy Industry is holding a policy to maintain fuel price.