Wholesale Price of Furnace Oil Decreased Threefold in Azerbaijan
The Tariff (Price Council) under the government of Azerbaijan on November 23 decided to reduce the wholesale price of furnace oil threefold. According to the decision of the Tariff Council, the cost of one ton of furnace oil has been reduced from 300 to 100 manat. This decision will come into force from December 2015. It should be noted that the retail price of furnace oil is not regulated by the state.
Despite the decline in the oil prices more than twofold in the world market in the past 1.5 years, the prices for gasoline and diesel fuel have not changed in Azerbaijan. -06D--
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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