KazMunayGas head calls for aligning fuel prices in Kazakhstan, neighboring countries

ASTANA. Aug 15 (Interfax) - KazMunayGas CEO Askat Khasenov has called for gradually aligning fuel prices in Kazakhstan with those in neighboring countries, the company press service said.

Rising demand for petroleum products requires larger investment in refining, Khasenov said.

"However, current refining tariffs result in low profitability of such projects. He argued for a phased adjustment of fuel prices to match the higher retail prices in neighboring countries, which are nearly twice as high as Kazakhstan's prices and encourage re-exports," the press service quoted Khasenov as saying after an expanded meeting on the oil and gas industry development chaired by the Kazakh prime minister.

The disparity in fuel prices has led to ongoing efforts by Kazakh authorities to combat fuel smuggling and "gray" exports.

Since early 2021, Kazakhstan has imposed a ban on fuel exports, which is renewed every six months.

In May 2024, the Energy Ministry of Energy increased the maximum retail gasoline and diesel prices for non-residents.