Kyrgyzstan minister: AI 92 gasoline could cost 114 soms if deregulated

Kyrgyzstan's fuel prices could surge if the government completely deregulates the market, according to Daniyar Amangeldiev, First Deputy Chairman of the Cabinet of Ministers. He told 24.kg news agency that AI 92 gasoline might reach approximately 114 soms per liter, and diesel fuel could cost around 148 soms.

Amangeldiev assured that the Cabinet aims to secure sufficient fuel supplies through the end of the year. However, he noted that final retail prices will hinge on global market conditions and new supply contract terms. "If there is a source of fuel available globally, we will definitely purchase it, regardless of the price. The market will be supplied with fuel and lubricants," he stated.

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If there is a source of fuel available globally, we will definitely purchase it, regardless of the price. The market will be supplied with fuel and lubricants.

The official pointed to current petroleum product prices as unjustifiably high, primarily driven by shortages. Factors such as the geopolitical situation, Middle East events, and the shutdown of some Russian oil refining capacity have contributed. He explained that while a ton of gasoline cost about $860 when the state support mechanism began, some contracts now reach approximately $1,400.

To support oil traders purchasing fuel at these elevated prices, the Cabinet is compensating a portion of their costs from the national budget. Authorities are meticulously verifying the costs of each shipment, including delivery, and setting acceptable profit margins for suppliers. State regulation currently focuses on AI 92 gasoline and diesel fuel, while AI 95 gasoline, not deemed socially significant, is sold at market prices under antimonopoly oversight. Amangeldiev emphasized that increased diesel prices would impact other sectors like mining, manufacturing, agriculture, and public transport.

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Diesel fuel is used in the mining industry, manufacturing, agriculture, and public transportation. A sharp increase in its price will inevitably lead to price increases in other sectors.