MP’s interesting approach towards rise in price of gasoline: our currency to grow


June 2, Fineko/abc.az. Cost of gasoline AI-95 increased by 15 gapiks up to 1.40 manats.

ABC.AZ reports that MP Vugar Bayramov attributed this to the fact that the price of oil at the world market exceeded the psychological threshold of $70.

According to the MP, the increase in production by OPEC+ countries is less than expected, and the growth of global demand has led to an increase in oil prices.

"The oil demand is expected to grow even more if global vaccination continues to expand. The increase in oil prices will increase the foreign exchange earnings of energy exporting countries, including Azerbaijan. Given that 85% of our country's total exports are energy products, the increase in prices for each barrel of oil brings additional currency for our country. The increase in revenues from our energy exports is also commendable in terms of allocating more funds to the non-oil sector and, in particular, to infrastructure projects," Bayramov said.