Gas price might fall down

Sep 4 • Business, Economy, Government • 471 Views • No Comments on Gas price might fall down

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People are hit hard by rapid tariff growth of transport vehicles caused by price increase in the commodity market. Then, very pleasant news is that gas price is to fall down in few days. Last spring the Government adopted the draft resolution on “Some measures on accumulating petroleum resource products”. As a result, it was decided to buy a total of 107.934 tons petroleum products for storage in 2008, of which 20.600 tons would be imported from China and Russia with the funds of the Developing Mongolia Foundation on August. The first part of the petroleum products is imported in accordance with the agreement. We got some details from Ch.Chuluunbat, Head of Petroleum Products Department of Minerals and Oil Authority.

So far how much resource has been accumulated?
Of 8700 tons petroleum products to be imported from Russia, 6000 tons has been imported and forwarded to the storage. And 1400 tons out of 8000 tons to be imported from China has been forwarded. Within the 10th of September 20600 tons of resource shall be accumulated.

How many percentage of storage petroleum it equals to? When is the remainder due?
Its equals to about 20 percent. The remaining shall be imported within the year according to schedule.

Will the stored products be sold?
The main objective of the state resourcing is to place 2-month resource storage in accordance with Government resolution No.52 and Parliament resolution No.48. We don’t have any rights to sell these resources. However in case of rapid growth of product price, decision on selling or using can be issued at the submission of Government proposal to the Parliament.

Is there any guesstimate that gas price might fall down?
It might decrease but the Ministry of Finance and Ministry of Industry and Commerce shall decide how to sell by analyzing total expenses.

The last week’s Cabinet meeting directed related ministries to form a task group that inspect whether domestic market price is combined with international market price, if selling prices are imposed clinically and check retail sales of petroleum products. As results of the task group inspection, the decrease of gas price would become clear. The related organization views that, in doing so, public transport price might go down.

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