(MENAFN- AzerNews)
Ulviyya Shahin Read more
The fuel expenses of the country's population increased by 12%,Azernews reports, citing the State Statistics Committee.
In the January-March period of this year, consumers inAzerbaijan's retail trade network spent 730.6 mln manats ($429.76mln) only on the purchase of automotive gasoline and dieselfuel.
This indicator is 12.1% higher compared to the same period in2023.
Additionally, in the January-March period of 2024, 5.4% of thefunds spent by buyers in the retail trade network were allocated tothe purchase of automotive gasoline and diesel fuel.
The recent surge in fuel expenses among the population ofAzerbaijan has raised some concerns. According to a report byAzernews, with reference to the State Statistics Committee, fuelexpenditures witnessed a significant uptick of 12% compared toprevious periods. In the January-March period of this year alone,consumers within Azerbaijan's retail trade network collectivelyspent a staggering 730.6 million manats solely on automotivegasoline and diesel fuel.
This substantial increase in fuel spending signifies a growingfinancial burden on Azerbaijani households. With fuel being afundamental component of daily life, its rising cost directlyimpacts various sectors, including transportation, agriculture, andmanufacturing. As consumers allocate a larger portion of theirbudgets towards fuel purchases, they are left with fewer resourcesto spend on other essential goods and services.
Despite efforts to promote economic diversification and reducedependence on hydrocarbon revenues, fluctuations in global oilprices continue to exert significant pressure on the country'sfinances. Thus, Azerbaijan, like many oil-exporting nations,remains vulnerable to volatility in energy markets, highlightingthe importance of implementing robust economic reforms to fosterresilience and sustainability.
Moreover, the allocation of 5.4% of funds spent by buyers in theretail trade network towards automotive gasoline and diesel fuelfurther emphasizes the centrality of fuel consumption in householdexpenditures. As inflationary pressures persist and living costsescalate, consumers are forced to adjust their spending habits,potentially curtailing discretionary spending and limiting economicgrowth prospects.
In response to these economic challenges, policymakers inAzerbaijan must prioritize measures aimed at mitigating the impactof rising fuel expenses on the population. This could involveimplementing targeted subsidies for essential commodities,enhancing energy efficiency initiatives, and diversifying theeconomy to reduce reliance on volatile energy markets, fostering innovation and entrepreneurship couldstimulate job creation and income growth, alleviating the financialstrain on households.
The significant increase in fuel expenses observed in Azerbaijanunderscores the urgent need for proactive economic measures toaddress the underlying challenges. By fostering resilience,promoting diversification, and prioritising the well-being of itscitizens, Azerbaijan can navigate through these turbulent times andemerge stronger and more resilient in the face of futureuncertainties.
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