Recent developments

•In May 2017, the government implemented Mongolia’s most recent gasoline specification, MNS 0217:2017, adopting the Euro2-Euro 5 enabling gasoline standard nationwide

•In July 2017, the government abolished excise tax on imported AI-80 and AI-92 gasoline to overcome the increasing global oil price

•In January 2018, the government created a Hedge Fund to stabilize the AI-92 gasoline retail price

•Mongolia’s first petroleum refinery is expected to begin operation in late 2022, construction is being supported by the government of India