Kazakhstan's Energy Minister Yerlan Akkenzhenov has commented on expert forecasts suggesting that AI-92 gasoline prices could rise to 300 tenge per liter and diesel prices to 400 tenge per liter by the end of 2027, Qazinform News Agency reports. The minister noted that Kazakhstan has followed a market-based approach to fuel pricing since February 2024, with the Government no longer setting wholesale fuel prices.
“Frankly, predicting fuel prices is a thankless task. Currently, AI-92 gasoline costs between 253 and 271 tenge per liter, while diesel prices range from 356 to 367 tenge. The considerable differences in prices across filling stations show that market competition is at work,” Akkenzhenov said at a Government's briefing.
He added that fuel prices depend on domestic supply and demand, along with the operating costs of individual filling stations. When asked whether the Government would step in if prices rose sharply, Akkenzhenov said the authorities have the necessary measures in place to stabilize the market.
“If there are any significant price spikes, the Government will naturally take all necessary measures to contain them. We have all the tools needed to do so,” he emphasized. The minister also highlighted Kazakhstan's substantial fuel reserves, with more than 400,000 tons each of gasoline and diesel currently available.
The country's oil refineries continue to operate normally, with production and fuel deliveries to cities running without disruption. Akkenzhenov stressed that there are currently no signs of a surge in demand or a sharp increase in fuel prices. Earlier, Qazinform News Agency reported that Kazakhstan planned to increase the combined capacity of its three existing oil refineries from 18 million to 27.7 million tons as part of a modernization program aimed at boosting fuel production and improving fuel quality to the K5 standard.