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March 28
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YEREVAN. – The around 30-percent reduction in the price of oil in the international market for about a month has resulted in still only a 10-dram (approx. $0.02) reduction in Armenia’s market, Zhamanak daily reported. 

“The industry representatives, economists say the reason is that this domain is monopolized, too, [in Armenia,] and the main importers, not taking the international prices into account, continue to receive superprofits at the expense of Armenia’s consumers, by buying cheaper and selling more expensive fuel.  

“Economist Hayk Gevorgyan said, however, the problem is not local, at least this time. In his words, the problem is in Russia. 

‘“Since gasoline is primarily imported [into Armenia] from Russia as of January 1 of this year, and the two major oil companies known in Russia have suffered huge losses due to the reduction in the price of oil, they are not reducing the gasoline price to compensate for their [aforesaid] losses. And they succeed in doing this, since they have a monopolistic stance in Russia,’ [Gevorgyan stated,]” Zhamanak wrote.

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