Deputy PM Novak to discuss situation on petroleum products market with oil companies on May 30

MOSCOW. May 30 (Interfax) - The Russian government and oil companies will discuss the current situation on the petroleum products market, the office of Deputy Prime Minister Alexander Novak, who will chair the meeting, told Interfax.

The meeting will take place on Tuesday.

The discussion will take place amid the increase in exchange prices for gasoline that has continued since mid-April. Specifically, the cost of AI-95 gasoline currently remains at record levels on the exchange.

The Energy Ministry has noted that it is monitoring the situation on the fuel market, and the ministry could, if required, limit exports of motor fuel. The Federal Anti-monopoly Service (FAS) is ready to support the mechanism in order to protect the domestic fuel market.

Additionally, another adjustment to the fuel damper is expected this summer, which has perhaps not yet recouped growth in prices on the St. Petersburg International Mercantile Exchange (SPIMEX). Finance Minister Anton Siluanov previously said that the damper currently favored the margins of oil refiners, thus the Finance Ministry has proposed to cut it 50% from July 2023 to July 2024 in order to correct the situation. Payments to oil companies from the budget would decrease by 30 billion rubles per month following the adjustment.

The FAS will also be instructed to monitor that there are not any attempts to raise prices on petroleum products following the amendments to the damper.