Kazakhstan expected to raise petrol prices

Kazakhstan

ALMATY , August 27, 2014 – Kazakhstan’s Ministry of National Economy released information regarding a hike in petrol prices on Thursday. The price of petroleum products such as diesel fuel will increase by at least 11 percent.

Erlan Koibagarov, vice-director general for marketing of KazMunayGas Processing & Marketing, believes a 10-15 percent raise of petrol prices is necessary due to the decision of the country’s central bank in February to devaluate the currency by 19 percent, in addition to seasonal a surge in demand.

There have been concerns of fuel shortages, especially in Almaty. The last increase in fuel prices occurred in November 2013. Government officials have yet to confirm when the price changes will be implemented.