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"Senta": There are no Cartel Deals in the Oil Market

“Senta”: There are no Cartel Deals in the Oil Market

Zaal Iakobidze, Director of the oil company “Senta”, refutes the widespread belief in the society that major oil importers regulate prices by colluding through the cartel, in order they to be consistently high.

He told “Commersant” that it would be wrong to blame the business in the cartel transactions. “Based on the current situation, the difference between the cost and retail price of fuel is not very high, accordingly, there can be no suspicion in connection with price collusion. Today, oil importers get the lowest possible profit. As for “Senta”, we entered the market in 2015 with low prices. We are trying to keep prices lower than the major brand companies, “- the businessman explains.

According to him, “Senta” maintains relatively low prices at the expense of the remaining reserves, but does not rule out that eventually the prices will be increased. “At this point, it all depends on two factors – the international oil price and the exchange rate of the national currency,” – Zaal Iakobidze notes.