17 Mar 2022 17:28

Energy Ministry: no sharp decisions needed in petroleum products market, public will not see price hikes at filling stations in 2022

MOSCOW. March 17 (Interfax) - The existing mechanisms adopted by the government allow for preventing a rise in prices of petroleum products at filling stations, and possibly offer a lower level of prices, and there is no need for state regulation, Anton Rubtsov, head of the Energy Ministry's Oil Refining and Gas Processing Department said during parliamentary hearing in the Federation Council on measures aimed at preventing the growth of prices for fuel and lubricants for agricultural producers during seasonal sowing and harvesting works.

"The version of the damper [on fuel], which we proposed will allow not only to contain, but possibly offer a lower level of prices. We are monitoring prices along the entire chain (...), we will make certain changes if necessary, but now it is very important to maintain it," Rubtsov said.

"If we try to move to more directive price changes, we risk disrupting an already bad economy in oil refining. Perhaps we will even have to work at a loss for some time, but we have to save processing to provide the country with the necessary fuel. The most important thing is not to have a shortage and for this refining must operate with some minimum margin in relation to the prices of raw materials. Raw material prices in Russia at the moment will be brought to such parameters that will make refining profitable," Rubtsov also said.