Ulaanbaatar
Fuel price increases by MNT 300
Economy
Ulaanbaatar
/MONTSAME/. On July 2, the price of AI-92 fuel was increased by MNT 300 per
liter. The relevant authorities reported that the rising price of the oil in
foreign markets has led to this increase in the country, which is relatively
dependent on the international market.
Ts.Erdenebayar,
Deputy Head in charge of Petroleum of MRPAM, said that the price of fuel
distribution and sales in Mongolia depends on the price of oil in foreign
markets, exchange rate or USD exchange rate, and the border price of petroleum
products.
He
pointed out that the MRPAM has reduced the retail price partially by MNT 380-570
since March, last year, in cooperation with fuel importing companies and
enterprises. He also noted that the retail price of AI-92 gasoline was kept at
MNT 1,450 per liter in the capital city and MNT 1,480-1,670 in rural regions
despite the price of oil had been rising steadily at the international market.
According
to the statistics of the MRPAM, Mongolia imported 468 thousand tons of fuel in
2019, 562 thousand tons in 2020 and 139 thousand tons in the first five months
of 2021.
As
of May 31, the price of a barrel of Brent crude oil was USD 68.88, increased by
USD 25.8 compared to the same period of the previous year.
Moreover,
In May, the International Energy Agency (IEA) revised its oil market review to
reduce this year's supply by 270,000 barrels per day to 5.4 million barrels as the
oil consumption in the United States and Europe was lower than expected in the
first quarter of this year. This is due to the sharp decline in oil consumption
in India.
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