Petroleum importers reduced gasoline prices by MNT 50 per liter on Wednesday, ahead of Tsagaan Sar. But there are less than two weeks left in February, and the importers have not announced gas prices for March.

At the Government meeting on Wednesday, members discussed gas prices. Finance Minister D.Khayankhyarvaa said prices could be further reduced, possibly by as much as MNT 170 per liter.

In addition, the Authority for Fair Competition and Consumers has confirmed that petroleum importers conspired to increase fuel prices, and the cost of goods and services has risen as result. It has fined petroleum importers MNT 10 billion, but there is no indication that the importers have paid the fine.

Petroleum importers increased gas prices by MNT 270 per liter on January 6. At that time, the tugrik’s rate against U.S. dollar was falling. They have since reduced gas prices by MNT 50 twice, and they have stated that prices are determined by supply.

The Government has asked Mineral Resources and Energy Minister D.Zorigt to negotiate with petroleum importers to reduce gasoline prices. It also has discussed reserving 60,000 tons of fuel and building new fuel reserve tanks.