Russia's oil companies and authorities say that fuel market is in balance, has volumes it needs - Novak

MOSCOW. Oct 4 (Interfax) - Following a meeting on Wednesday, oil companies and government authorities said that the Russian fuel market is in balance and being provided with the volumes it requires, Deputy Prime Minister Alexander Novak said on Rossiya24.

"The main measure taken [by the government on September 21] was a ban on the export of gasoline and diesel fuel. This measure had a positive impact on the domestic market situation; our reserves increased nearly 430,000 tonnes during this period. We saw a stabilization of prices for petroleum products on the exchange, while the decrease in exchange prices was from 16% to 20%. What is important, this decrease passed on to the small wholesalers and oil depots where suppliers, for example, agricultural producers, purchase petroleum products. Thus, we saw a significant reduction in wholesale prices for petroleum products in almost all regions. This is what needed to be achieved," he said.

"We continue top-level monitoring of the situation together with the Energy Ministry and the Federal Antimonopoly Service. Today I held a meeting with the heads of the oil companies. Everyone is committed to the market being balanced and provided the volumes it needs, and the fact that the situation on the exchange and in the wholesale sector has stabilized," Novak said.