Mineral Resources and Energy Minister D.Zorigt is denying reports that the Government will issue a protocol to reduce fuel prices to their pre-January 6 levels by February 8.

D.Zorigt told our correspondent that the Government has no legal right to issue a protocol to reduce the price of petroleum products. D.Zorigt noted that the price of a liter of gasoline has fallen by MNT 70 since the price increase on January 6.

Petroleum importers blamed the falling tugrik for the increase, but the Authority for Fair Competition and Consumers investigated that claim and found the importers had conspired to raise prices for no justifiable reason.

The authority has demanded petroleum importers reduce fuel prices and pay a fine of MNT10 billion.