Flash company's Deputy Director Moushegh Elchyan declined to comment on the situation. He asked Tert.am to turn to other stakeholders on the market – City Gasoline Group or Mika.

Flash company, with a 42.62% market share, is considered a major stakeholder on Armenia's diesel fuel market.

City Petrol Group (with 41.76% market share) told Tert.am that the surge is caused by the world market trends. The company has already exhausted its reserves having sold the gasoline from the Georgian port of Poti.

"While the consignment acquired at a lower price allowed us keep the prices from going up, we can no longer suppress the surge," the company's representatives said.

Mika company said it has increased gasoline prices by 10 drams.

After a recent increase of the gasoline prices, Flash company's director Yasha Khachatryan said the world trends could affect Armenia, raising the fuel price from 420 to 450 drams. City Petrol Group also made the same forecast.

Since March 14, 2011, the world prices for gasoline rose from $113.8 to $124 (9%) per barrel. In the same period, the New York Commodity Exchange offered 1 ton of gasoline for $1020 (up 6.5%).