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arminfo: `FLASH´ COMPANY FORECASTS 5%-6% REDUCTION IN PETROL PRICE IN OCT

YEREVAN, AUGUST 13. ARMINFO. The petrol price remains high in Armenia, and this trend is expected to be maintained until October. According to the forecasts of Armenia’s largest oil provider, the “Flash” company, under favorable conditions the petrol prices are to tend to decrease by 5-6 per cent. The price for diesel fuel is expected to remain the same or increase by 3-4 per cent.

The experts of the “Flash” company point out that the situation on the world market has remained unstable during the last six years. In previous year the oil price was mainly influenced by speculations, whereas now there are also numerous local problems. Among them the company includes the repeated storms in the Gulf of Mexico, USA, the oil workers’ strike in Nigeria and the resultant situation, as well as acts of sabotage in Iraq.

Despite the numerous statements on possible stabilization before the end of 2003 made by US experts and OPEC administration, the experts of the “Flash” company disagree with them. Their pessimism is accounted for by the continuing instability in Iraq and by the fact that the numerous statements on oil prices made by the OPEC administration do not correspond to the facts. For example, despite the statements on OPEC’s intention to remain committed to the corridor of oil pricing, which is 22 to 28 USD per barrel, the price of “Brent” oil has actually reached 30 USd per barrel today.

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