Putin Urges Russian Government and Companies to Ensure Price Stability on Fuel Market

Russian President Putin Calls for Measures to Ensure Price Stability on Fuel Market

Russian President Vladimir Putin instructed the Russian government and companies to take the necessary measures to ensure price stability on the fuel market.

Vladimir Putin Urges Faster Reaction to Fuel Market

Vladimir Putin said at a government meeting on Wednesday that authorities and oil companies must react more quickly to the Russian fuel market.

The Russian President added: “We hope that the proposed measures will be successful. We need to work more closely with companies so that they also understand their responsibility.”

The head of state explained that the government and companies strive to achieve different goals, since oil companies strive to achieve maximum profits, so they export their products.

He stressed the need to supply gasoline to the local market first and then make a profit through exports.

At the meeting, Russian Deputy Prime Minister Alexander Novak indicated that gasoline production in Russia increased over 8 months by 3.3%, diesel fuel by 6.4%.

Rise in Gasoline Prices in Russia

Novak, who previously served as Russia’s energy minister, said gasoline prices on the Russian Stock Exchange have risen by 15% over the past two months, and diesel prices by 30%.

As for the reasons for the rise in gasoline prices in Russia, the official said that the price of a barrel of oil in Russian currency increased 1.5 times and in September of this year exceeded 8 thousand rubles per barrel.

He added that fuel prices in Russia were affected by the rise in world oil prices and the depreciation of the Russian currency against the dollar.

Government Measures Lead to Fuel Price Reduction

Fuel prices fell after government measures

Novak said gasoline and diesel prices had recently fallen by 20% and 16%, respectively, after the government imposed temporary restrictions on fuel exports from Russia.

He noted that the Russian government expects a more stable situation in the fuel market in Russia, noting that a number of traders who followed unfair practices on the Russian Stock Exchange were suspended from work.

Additional Measures Proposed by Russian Government

He added that the Russian government proposes to take a number of additional measures related to fuel to ensure stability in this market.

Last week, the Russian government press service reported that the government had introduced temporary restrictions on the export of gasoline and diesel fuel in order to achieve stability in the local market.

Source: RT

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