The surge in global oil and fuel prices has already pushed up gasoline prices in Armenia and is expected to exert further pressure on inflation, Armenian Central Bank Governor Martin Galstyan stated.
“Gasoline accounts for approximately 5% of the consumer basket. This increase is currently significant, and we are seeing gasoline prices reach 580–600 drams, representing a rise of at least 5%,” Galstyan said.
He noted that the sharp decline in the number of tankers passing through the Strait of Hormuz had contributed to a significant increase in global oil prices.
The impact of the supply disruption is also reflected in a decline in US strategic oil reserves, which have fallen from 700 million barrels to 300 million barrels, according to Galstyan.
By Vafa Guliyeva
