Fuel price stabilizes

The Bank of Mongolia, in cooperation with the Ministry of Mining, is implementing SIFS, a subprogram, to stabilize the fuel retail price. In this scope, MNT 93.7 billion with 3.8 percent interest was granted to 11 proponent companies in 2012.

Gas reserves in Mongolia have been increased twofold; AI-92 reserve is increased by 3.1 times since the project’s start. Increase in oil reserves mean less risk of high fuel price fluctuations. As a result of the government’s 134th Resolution, price jump in fuel port is absorbed in wholesale prices rather than in retail.

Due to oil price rise in Russia, prices were expected to jump by MNT 325 per litre. With the help of the project, the government could prevent from a possible increase. Since the programme has been implemented, retail price of oil has added only MNT 100. 

 
As of 22nd February 2013, Mongolia is said to have a reserve of 49 days for A-80, 54 days for AI-92 and 321 days for diesel fuel.