Fuel Excise Revenues Surge as Georgia Sees a Rise in Petroleum Imports
In the first 11 months of 2024, Georgia’s fuel excise revenues reached an impressive GEL 586 million, marking an 11% increase compared to the same period last year, according to the Ministry of Finance’s Treasury. The growth in fuel excise taxes reflects a strong demand for petroleum products in the country, as well as the government’s consistent efforts to boost tax revenues.
A breakdown of the revenue figures reveals that gasoline contributed the largest share, with GEL 307 million generated, also showing an 11% increase from the previous year. Diesel fuel followed closely, bringing in GEL 241 million, marking the same 11% growth. Other petroleum products, including various forms of fuel, generated an additional GEL 39 million, though this saw a slightly smaller 9% year-on-year increase.
Over the course of the year, Georgia imported a total of 1.43 million tons of petroleum products, amounting to an expenditure of USD 1.2 billion. This represents a 13% increase in spending compared to 2023, highlighting the growing demand for fuel in the country. The rise in imports is largely attributed to the increase in consumption of both gasoline and diesel, which continue to be the primary sources of fuel for Georgia’s transportation and industrial sectors.
Looking at the major sources of Georgia’s petroleum imports, Russia remains the largest supplier, accounting for USD 472 million worth of petroleum products. Other significant import sources include Bulgaria (USD 154 million), Romania (USD 150 million), Azerbaijan (USD 76 million), and Turkey (USD 70 million).
With this surge in fuel revenues, Georgia is positioned to benefit from stronger fiscal health as the economy continues to recover and expand. The increasing excise taxes also signal a growing trend in the country’s consumption of petroleum-based products, which is expected to continue into the future.
