Working group discusses rising prices
On Tuesday, a Standing Committee on Economics working group headed by D.Gankhuyag held an open discussion on rising prices at the Government House.
The working group discussed recent increases in the prices of gasoline and consumer goods.
Ts.Sedvanchig suggested establishing a three-to-six-month fuel reserve, since Mongolia does not have an oil refinery. He said the Government has concluded agreements with two Russian companies and has started to reserve gasoline. He said the Government should work to stabilize currency rates and regulate petroleum importers. Ts.Sedvanchig also emphasized that the monopoly of petroleum importers should be held accountable, because they have not paid a fine levied by the Authority for Fair Competition and Consumers.
Z.Enkhbold said construction of an oil refinery in Mongolia should begin as soon as possible, and the relevant ministers should monitor the project. He noted that Mongol Bank should regulate and stabilize the tugrik’s rate against foreign currencies. Z.Enkhbold also said petroleum importers should pay fines of MNT 10 billion for conspiring to raise prices. He also said the working group should reinstate the excise and customs taxes on petroleum products that the Government has lifted.
The working group discussed recent increases in the prices of gasoline and consumer goods.
Ts.Sedvanchig suggested establishing a three-to-six-month fuel reserve, since Mongolia does not have an oil refinery. He said the Government has concluded agreements with two Russian companies and has started to reserve gasoline. He said the Government should work to stabilize currency rates and regulate petroleum importers. Ts.Sedvanchig also emphasized that the monopoly of petroleum importers should be held accountable, because they have not paid a fine levied by the Authority for Fair Competition and Consumers.
Z.Enkhbold said construction of an oil refinery in Mongolia should begin as soon as possible, and the relevant ministers should monitor the project. He noted that Mongol Bank should regulate and stabilize the tugrik’s rate against foreign currencies. Z.Enkhbold also said petroleum importers should pay fines of MNT 10 billion for conspiring to raise prices. He also said the working group should reinstate the excise and customs taxes on petroleum products that the Government has lifted.
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