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Marchenko believes fuel prices drop possible

26 june 2012, 14:12
0
©AFP
©AFP
Head of Kazakhstan National Bank Gregory Marchenko believes that the fuel prices in Kazakhstan have to go down amid the global oil prices drop. "Euro has gone down compared to dollar and, thus, tenge. This gives a certain hope that the prices of foreign goods will not go up. Moreover, the prices of fuel and food, imported goods and European consumables should even go down," Marchenko said in an interview to BNews.kz.

The banker noted that the current raw materials prices at the global markets are beneficial for Kazakhstan. "Earlier the prices of $120 per a barrel of oil or $8 thousand per a ton of copper and $250 per a ton of grain were extremely good for our exporters. Now $95-97 for oil, $7.5 thousand for copper and $230 for grain is still good. The situation is extremely gratifying for us," the chairman of the National Bank said.

According to Marchenko, a drop in food prices will have a positive effect on the inflation level. "The same for oil. Oil prices went down, so now at least there is hope that fuel prices will not grow. The prices for goods related to hydrocarbons make 22 percent of our general consumer prices index," he said.

Meanwhile, Kazakhstan Oil and Gas Minister Sauat Mynbayev recently stated that the Ministry was not going to review the ceiling fuel prices in the nearest time. "I said that the ceiling prices, most probably, would not change. But there is already a drop of the ceiling prices in several oblasts of Kazakhstan," the Minister said.

However, Kazakhstan's retail fuel prices went up in April. The price for diesel fuel went up to 95 tenge ($0.64) per liter, AI-80 petrol now cost 91 tenge ($0.61) per liter and AI-92 cost 112 tenge ($0.76) per liter.

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