How Oil Rates Have Changed in Georgia and Other World Countries at the Start of the Year

How Oil Rates Have Changed in Georgia and Other World Countries at the Start of the Year

From the beginning of 2019 up until now, the price of oil at the London Oil Market has grown up to 14,4 US Dollars per barrel, as in with 25,5% and on this day, makes 71,3 US Dollars per barrel. The sharp increase in the rates is observed from the beginning of April.

At the moment, the world average cost of gas is 1.14 US Dollars per litre. In rich countries, the rates are way higher, than in poor countries, for instance. The rates are also low in the oil exporting countries. One of the exclusions, in this case, is The United States, where regardless of the strong economy, today’s rates are lower than the average. The gas rates in world countries are mainly affected by the oil costs, as well as the tax regime of the given country. The portal globalpetrolprices counts the oil costs within the different countries. According to its data, oil is the cheapest in Venezuela with a cost of 0.01 US Dollars. As stated by the same portal, in Georgia, the gas rate is lower than the average. The country holds the 40th position with the average price of petrol – 0.87 US Dollars (2.34 GEL) per litre.

Since the beginning of the year – in the January 7-April 15 period – the average gas rate in Georgia has been decreasing. If at the beginning of January it made 2.42 GEL, then at the start of April, the cost lowered to 2.34 GEL. The data of Georgia is based on both the official organizations and private companies.

As it is known, the petrol rates in the world are higher than the diesel rates. The average difference between them is around 10%. The cost of diesel today, is an average of 1.06 US Dollars per litre. The cost in Georgia is around 0.93 US Dollars.

Regarding liquified gas, its average price in the world is 0.64 US Dollars, with Kazakhstan, Azerbaijan and Belarus being the cheapest countries for its prices. The average cost of the liquified gas, the so-called LPG in Georgia is around 0.54 US Dollars. With this indicator, Georgia is number 13 in the world.

Georgia’s largest provider country for petrol is Russia, whereas the diesel is mainly exported from Azerbaijan. In the last year, Russia replaced Romania and occupied 26% of the oil import. In particular, the largest amount of oil import – 217,4 thousand tonnes, was completed by Russia, which is 40,1% of the whole import. The largest diesel import was completed by Azerbaijan – a total of 174,5 thousand tonnes which makes the 31,3% of the whole import.

How did the cost change in the largest importer countries of Georgia since the beginning of the year?

At the beginning of 2019 in Russia, the average cost of oil was 0.68 US Dollars (45.5 Rubles), whereas, from April, the rates lowered and made 0.67 US Dollars (45.2 Rubles).

In the last three months in Romania, the average price for a litre of oil has been around 5.31 Romanian Leu which equals 1.29 US Dollars. At the beginning of the year, this number was 1.22 US Dollars, and by the mid-April, it increased up to 1.37 US Dollars.

The prices are also slightly increased in Bulgaria. Specifically, if at the start of January it made 1.13 US Dollars, then today this number equals 1.2 US Dollars.

In Azerbaijan, the average cost of the oil per litre is 0.47 US Dollars, and with this indicator, the country is in the top world’s cheapest oil countries.

Petrol is the most expensive in Hong-Kong – an average of 2.2 US Dollars. Considering European countries, the highest rates for oil are in Iceland, Norway and The Netherlands. In these countries, the petrol costs exceeds those of the rest of the Europe with 25-30%. In particular, the average price of the A-95 type petrol is 1,75 Euros, A-98 type – 1,85 Euros, and diesel is 1,64 Euros.

As of Georgia’s neighbouring countries, in Armenia – the price for the A-92 type petrol is 0,76 Euros, A-95 type petrol is 0,80 Euros, A-98 type petrol is 0,83 Euros, whereas diesel is 0,78 Euros. In Turkey, the price for A-95 type petrol is 1,08 Euros, A-98 type petrol it is 1,09 Euros, whereas diesel costs 0,99 Euros.

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