Fuel prices in Georgia are expected to continue climbing, with the market yet to reach its peak, according to the CEO of Wissol, Vasil Khorava.

Khorava said the company is already signing new supply contracts at prices higher than those at which fuel is currently being sold, according to Sputnik Georgia.

“It is very bad when prices are high for an importing country, but the market still adjusts, and whether we want it or not, we still have to purchase this product,” Khorava said.

Fuel prices have already increased noticeably across Georgia over the past month. Gasoline has become 1-3% more expensive at different filling stations, while diesel prices have jumped by 7-20%.

The increase has been linked to the escalation of tensions in the Middle East and rising oil prices on global markets.