Increase in fuel prices during the transition of Azerbaijan to Euro-3 environmental emissions standards is not expected, head of the State Oil Company of Azerbaijan Republic (SOCAR), Rovnag Abdullayev told journalists on Dec. 28.
He said the next year the company will focus on repairing and expanding the power of the catalytic cracking installation, in order to meet the country's growing needs in gasoline in the next few years.
"The level of gasoline consumption in the country has already become equal with its production volumes," Abdullayev said.
He also did not rule out the possibility of gasoline imports from abroad in the future in case of necessity.
The director of the Standardization and Certification Institute of Azerbaijani State Committee for Standardization, Metrology and Patents, Sabig Abdullayev said earlier this week that, the quality of the fuel produced in Azerbaijan will be brought up to the Euro-3 standard till late 2014.
The retail price of gasoline, diesel fuel, and the wholesale price of some petroleum products was increased on December 3, 2013 in line with the decision of the Tariff Council.
Retail price of one litre of AI-95 gasoline is set at 0.8 manats, whereas the retail price of AI-92 and AI-80 gasoline is set at 0.7 manats per litre. Retail price of one litre of diesel fuel was set at 0.6 manat. The tariff for the sale of natural gas to enterprises rose to 80 manats ($101) per 1,000 cubic meters.
Prior to this, the cost of one litre of AI-95 gasoline was 0.6 manats, the prices of AI-92 and AI-80 gasoline were 0.55 manats, and diesel fuel - 0.45 manats. The last time fuel prices in Azerbaijan were changed in 2007.