The price of fuel rose by an average of 100 MNT at gas stations on February 5, with the price reaching 1,630 MNT per liter at Petrovis stations and 1,625 MNT at Shunkhlai stations.
The Ministry of Energy has not released any statements regarding the price surge, leaving people to wonder about the reason for the sudden increase.
The price for fuel has risen despite Cabinet’s measures to stabilize prices against the depreciation of the MNT and rising market prices for petroleum. On January 25, Cabinet lowered import taxes for petroleum products in order to keep retail prices stable.
Gasoline import tax was lowered to 50,000 MNT from 160,000 MNT per ton, and the import tax for high octane fuel was lowered to 30,000 MNT from 160,000 MNT. Diesel fuel import tax was cut from 180,000 MNT to 70,000 MNT. Fuel tax revenue was expected to decrease by 110 billion MNT, but officials hoped the move would help keep fuel prices stable and prevent any sudden price surges.