SOCAR: Rise in oil prices, transportation costs major triggers of rise in gasoline prices

By Azernews

By Ayya Lmahamad

A sharp rise in oil prices since last year as well as a significant increase in transportation costs amid global inflation are among the biggest factors determining the change in gasoline prices, SOCAR Petroleum’s Spokesperson Uzeyir Habibbayli said, Azernews reports.

“The prices for Euro-95 and Euro-98 gasoline, which are imported to Azerbaijan from abroad, have changed,” he said.

He mentioned that the prices of Euro-95 and Euro-98 brands of gasoline rose to AZN2 and AZN2.3 per liter respectively in Azerbaijan from July 13.

Habibbayli noted that currently, only 9 percent of gasoline consumption in Azerbaijan accounts for Euro-95 and Euro-98.

To recall, previously the prices for Euro-95 and Euro-98 brands of gasoline were AZN1.6 and AZN1.9 respectively.

Next year is it planned to start production of EURO-5 gasoline in Azerbaijan. 2 million tons of RON-92 and RON-95 gasoline per year are planned to be produced at the Heydar Aliyev Baku Oil Refinery.