21 Jul 2023 10:30

Russian govt developing measures to stabilize exchange prices for gasoline, decisions taken soon - deputy PM

MOSCOW. July 21 (Interfax) - The Russian government is developing various options for measures designed to stabilize exchange prices for gasoline, and hopes to take decisions soon, Deputy Prime Minister Alexander Novak told reporters.

Novak noted that a number of oil refineries finish repairs soon, and fuel sales on the exchange should rise. "Several refineries even postponed repairs for a longer period. The situation is gradually stabilizing," he said.

According to Novak, the ministries are developing various measures to stabilize exchange prices. "We have certain proposals. I recently held a meeting [on matters concerning the fuel market], and instructed to develop some issues by Friday. We will discuss this more on Friday. If there are any solutions, then we will announce them," he said.

When asked how realistic implementing quotas on exports of petroleum products was, Novak said that, "This is under consideration, though there are various other proposals, and we need to weigh the pros and cons."

Meantime, the option of a protective duty is not under consideration, Novak added, saying, "Because this is a system thing. It has been left behind, and it would not be right to return."

Novak stressed once again that, "There are not any separate problems with diesel fuel on the market, either with volumes or with prices." The main issue being worked out is exchange prices for gasoline.

"The situation is at the level of inflation at filling stations for both gasoline and diesel. We are mainly working on the exchange, so that the situation stabilizes," Novak said, adding that prices on the exchange are constantly volatile, and this must be taken into account.