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Fuel price hike may triple annual inflation rate

08 January 2007 15:03 (UTC +04:00)

He said that the detailed results of the monitoring and proposals will be sent to the Tariff Council.
Azerbaijan State Railway Company told APA that it will also study the impact of the price hike and sent proposals to the Transportation Ministry and Tariff Council.
Azerbaijan Caspian Shipping Company also said the price rise will influence sea transportation.
Azerbaijan Confederation of Labor Unions said the price rise in energy and utilities will pave the way for the price jump in foodstuffs.
The Confederation officer Chingiz Tagiyev told APA that the electricity bill makes 60% to 70% of the cost price in aluminum production the price of diesel fuel makes 10% to 15% of agricultural production, the price of gasoline 70% to 80% of transportation.
â€œThe increase of consumption prices-the inflation rate- will hit 12%-15% in near six months,â€? he said.
He also said the increase of outgoings in production will stimulate the price of bread.
â€œEnergy price rise is not favorable in this period,â€? he said.
Khirman, Zengezur and Baku-Takhil Companies involved in bakery told APA that the price of bread is not expected to rise soon.
Agriculture Ministry officer Sabir Valiyev told APA that the agricultural production was so much affected by the fuel price rise.
â€œThe price of diesel fuel rose last year, the Government compensated for it,â€? he said. /APA/