Petrol price to be reduced by 50-60 tugrug

2019-06-28 12:01:52

Ulaanbaatar /MONTSAME/ Petroleum price is likely to drop by MNT 50-60 per litre before National Naadam Festival, reported Deputy Head of Mineral Resources and Petroleum Authority Ts.Erdenebayar at the ‘Transparent and accountable mining’ monthly press conference organized by the Ministry of Mining and Heavy Industry on June 26.

At the beginning of the press conference, Minister of Mining and Heavy Industry D.Sumiyabazar introduced the statistics for the first five months of this year, noting that mining sector accumulated MNT 1.2 trillion to the state budget. Budget revenue from the sector increased by 37.4 percent or MNT 318.2 billion, compared with the same period of the previous year. 

Ts.Erdenebayar said, “Oil price imported from Russia last month dropped by USD 25 per ton. The USD rate remains relatively stable. Fuel and diesel prices decreased by MNT 50-60 per liter. It is likely that oil prices will drop by USD 40-50 in June, thus, petrol price will drop by another MNT 50-60 per liter. In total, petrol price is expected to drop by MNT 120 before Naadam.

On the Erdenes Tavan Tolgoi stock trading, Mining Minister D.Sumiyabazar noted that preparation process is going well. Preparations for stock trading on the London Stock Exchange will take up to 2.5 years. We are planning to issue IPO through a subsidiary, he said.

“Capital raising on the international stock market has its own standards. We are facing certain challenges as this is the first Mongolian state-owned company going public. First of all, it is necessary to systemize the acts, regulation standards on relevant documents, reserve, finance, investment and governance management,” marked CEO of Erdenes Tavan Tolgoi JSC B.Gankhuyag.