The growth of cars in Azerbaijan increases demand in fuel at the local market. At the same time this factor reduces the country's export of oil products.
During 11 months, 2012 SOCAR exported 840,284 tons of diesel fuel, down 28.5% or 334,716 tons against January-November 2011.
During this period SOCAR delivered 58,175 tons of automobile petrol to the foreign markets, down 34.6% or 30,845 tons against the same period last year.
During 11 months export of Azerbaijani automobile fuel dropped by 365,561 tons.
Azerbaijan lost a sufficient amount of currency from export of these types of oil products. According to SOCAR, in November 2012 1 ton of diesel fuel at the world market cost $924.73 and automobile gasoline - $932.31.-0-
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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