The Consumers Rights Protection Association says petroleum importers have increased gasoline prices unreasonably. The group says prices should have risen no more than MNT 100 to MNT 170 a liter, considering the tugrik’s rate against U.S. dollar.

Under the law on competition, the association says it has sent a note to petroleum importers fining them a total of MNT 10 billion. But there is no information about what fine amounts were delivered to which companies.

Director of M-Oil Group R.Batbayar told the newspaper Uls Turiin Toim that gasoline price increases could be understood in economic terms and should not be related to politics. He said petroleum prices depend on three factors: foreign market prices, foreign currency rates, and taxation. The last factor, the excise tax, has been canceled by the Government. He said that the gasoline price would increase along with a currency rate increase, and it would decrease along with a currency rate decrease.
R.Batbayar added that his company has not received a notice of fine yet.