The national oil reserves can cover up to 27 days as of June 18, reported the Mineral Resources and Petroleum Authority last Wednesday.

At the national level, the authority has stocked up enough A-80 type fuel to last for 45 days, AI-92 to last for 35 days, diesel fuel for 19 days and aviation TS-1 fuel to cover for up to 18 days.

The price of AI-92 fuel declined by 30 MNT since last month in Khovd Province and by 100 MNT in Govi-Altai Province. Diesel fuel also costs 90 MNT lower than the previous month, according to the ministry. However, the price of A-80 fuel surged by 80 MNT in Khuvsgul Province.

In the central region, A-80 fuel prices also hiked by 32 MNT per liter although AI-92 fuel prices went down by 50 MNT.

“In the last week of May, prices of oil imported from Russia decreased by 25 USD per ton. The exchange rate of tugrug against the US dollar is relatively stable. As a result, petroleum and diesel fuel costs 50 to 60 MNT lower now. By the end of June, importing prices of petroleum could go down by 40 to 50 MNT, which would lower fuel prices by around 120 MNT before the National Naadam Festival,” noted Ts.Erdenebayar, deputy head of the Mineral Resources and Petroleum Authority.

1.1 million tons of oil projected for 2019 export

During the monthly open meeting, the authority shared plans to extract 8.15 million barrels, or 1.1 tons, of crude oil this year and generate a revenue of 223.4 billion MNT to the state budget.

As of June 12, Mongolia had extracted 3.01 million barrels (408,091 tons) of oil and exported 2.84 million barrels (385,746 tons). By May 7, this sector had centralized 47.5 billion MNT revenue to the state budget.