In Georgia and Around the World: Changes in Fuel Prices Over the Last 3 Months

Fuel prices around the world are affected by oil prices and existing tax regimes. The petrol prices of different countries are calculated on the Globalpetrolprices portal.

The global average for the price of petrol is 1.15 USD per liter; according to different countries the price differs significantly. On average, the price of petrol is much higher in wealthier countries than in relatively poorer countries. The prices are also low in countries that export oil. One of the exceptions is the USA: despite its strong economy the prices are below average.

Fuel prices around the world are affected by oil prices and existing tax regimes. The petrol prices of different countries are calculated on the Globalpetrolprices portal. 

According to portal data, the cheapest prices for petrol are in Venezuela, amounting to only 0.01 USD. According to the portal, the petrol prices in Georgia are below the average and the country holds the 52nd place with an average price of 0.97 USD (2.57) per liter. The highest price for petrol in Georgia was recorded during the period of August 13 to November 19. At the beginning of August the average price of petrol in Georgia was 2.41 GEL and reached its lowest 2.36 GEL in October. However, in November the prices rose again, going up to 2.75 GEL. During the same period, the global average price of petrol was 4.2 GEL per liter. The information about Georgia was taken from the official government agencies as well as from private companies.

With regards to the GEL to USD exchange rate, in mid-august it was 2.56 GEL. Today one dollar comes to 2.65 GEL. Accordingly, during the last three months the GEL depreciated by 3%, an average of 9 Tetri against USD. GEL became the most depreciated against USD on November 8, with one dollar amounting to 2.76 GEL.  

As it is known, around the world petrol is more expensive that diesel with the difference on average being about 10%. Today, the global average price of diesel is 1.08 USD per liter. Starting from September13, diesel was cheapest in mid-august at 0.90 USD per liter. Since the price has increased to 0.97 USD.

As for liquid gas prices, their average price in the world is 0.65 USD and the lowest prices are recorded in Kazakhstan, Azerbaijan, and Belarus. The average price of liquid gas, i.e. LPG gas, in Georgia is 0.56 USD, putting Georgia in 11th place in the world. But the prices have increased since. At the beginning of August the average price was 1.46 GEL and by November the prices rose to 1.49 GEL.

The largest amount of oil in Georgia is imported from Russia (during the first 10 months of this year it came to 26.5% of the total volume), Romania (25% of the total volume), Bulgaria (14% of overall volume), and Azerbaijan (10% of the overall volume).

How have petrol prices changed in the Georgia’s largest importing countries over the last three months?

In Russia, in mid-august the average price of fuel was 0.68 USD (45.1 Rubles), and as of October the prices rose, reaching 0.69 USD (45.5 Rubles) per liter.

Over the last three months in Romania the price of one liter fuel, on average, was 1.38 USD (5.58 Romanian Leu). In mid-August the average price of petrol on average was 1.36 USD (5.58 Romanian Leu). However, based on data from 19 November, the prices were reduced down to 1.32 USD (5.42 Romanian Lei).

In Bulgaria during the last three months petrol prices have been growing. At the beginning of August it was 1.29 USD (2.22 Bulgarian Levi), and by November it rose to 1.36 USD (2.34 Bulgarian Levi).

In Azerbaijan, one liter of petrol on average costs 0.47, making Azerbaijan one of the top ten countries around the world with the cheapest petrol prices.

Fuel is most expensive in Hong-Kong, coming to 2.17 USD on average. During the last three months the prices have dropped and while in mid-August it cost 2.13 USD, today the price has dropped down to 2.17 USD on average.  Similarly, the highest-priced fuel can be found in Norway, where during the last three months the prices dropped from 1.95 USD to 1.91 USD.

With regards to oil prices, today Brent Crude oil costs 58.80 USD and Light Sweet costs 50.42 USD per barrel. Since the beginning of this year, oil prices have dropped significantly and reached their lowest point in October. Still, at the beginning of October the cost of Brent Oil was over 80 USD.

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