Kazakhstan to raise fuel prices by 11-20% -acting energy minister

Kazakhstan to raise fuel prices by 11-20% -acting energy minister
FILE PHOTO: Kazakh Energy Minister Bolat Akchulakov poses for a photograph during an interview with Reuters in Nur-Sultan, Kazakhstan May 20, 2022. Picture taken May 20, 2022. REUTERS/Mariya Gordeyeva

ALMATY : Kazakhstan plans to raise its ceiling on 92/93-octane gasoline prices by 11 per cent and that on diesel by 20 per cent in order to bring them into line with those in neighbouring countries, acting energy minister Bolat Akchulakov said on Monday.

The oil-rich nation has some of the world’s lowest fuel prices and keeping gasoline cheap through price controls has been one of the pillars of state policy for years.

But price disparities with neighbouring countries have led to illegal exports and price regulations have made the refining industry unattractive for investors, leaving Kazakhstan’s domestic market with fuel shortages.

The increases will raise the price of gasoline to 205 tenge ($0.45) per litre, or $1.70 per gallon, while the diesel price will rise to 295 tenge per litre, or $2.50 per gallon.

Hiking gasoline and diesel prices is a politically risky move though, as a sharp increase in the price of another car fuel, liquefied petroleum gas, prompted street protests in early 2022 which developed into violent riots.

($1 = 452.7300 tenge)


Source: Reuters