Magnai Trade Increases Retail Price of Fuel Again

By B.KHASH-ERDENE

When the New Year started, fuel importer Magnai Trade increased their retail price by 50 MNT in addition to the previous increase of 50 MNT.
Just few days before this, the head of the Fair Competition and Consumer Rights Authority O.Magnai said, “Price of a litre fuel has increase according to its market value and now the price off AI-92 became 1620.”
Following this, fuel importers Sinchi Oil also increased their fuel price to 1670 MNT. Distributers Petrovis, M-Oil and Sod Mongol did not change their retail price.
According to Mongolbank, Magnai Trade was granted a loan of 13.9 billion MNT with a yearly interest of 3.8 percent on December 7, under the fuel retail price stabilization programme.
When Unuudur newspaper reporters tried to contact the Fair Competition and Consumer Rights Authority on Wednesday through their 1284 hotline but nobody answered. When asked on the phone, Sinchi Oil worker replied “Yes, the gasoline price has been raised but I don’t know the reason.”
“If we didn’t grant loans to fuel importers, the price of a litre gasoline would have increased 210 MNT. The government has managed to stabilize fuel prices by monitoring and regulating strategic products,” said O.Magnai after the fuel price rate which took place last month.
The Unuudur sonin reporter stated in his article, “If responsibilities aren’t accounted to companies that raised their prices by 50 MNT per litre, the credibility of “innovation” government is at risk, O.Magnai.”