5 Oct 2023 10:23

Russian authorities, oil cos agree to prohibitive duties for some fuel exporters, work on systemic measures to continue

MOSCOW. Oct 5 (Interfax) - Deputy Prime Minister Alexander Novak held a meeting on the Russian oil products market with senior oil company executives, representatives of the Energy Ministry and Federal Antimonopoly Service (FAS) and the heads of the State Duma agriculture and energy committees, the government press service reported.

At the meeting it was noted that prices for gasoline and diesel fuel on the St. Petersburg International Mercantile Exchange (SPIMEX) have dropped by 16% and 21%, respectively. The Energy Ministry reported that diesel prices in the small-scale wholesale sector have fallen by an average of 4,900 rubles per tonne. Prices have fallen in 81 Russian regions, dropping 500 to 15,000 rubles per tonne depending on the type of fuel.

Following inspections of oil companies and independent filling stations, the FAS has opened several antimonopoly cases against representatives of independent filling stations and tank farms for signs of inflating fuel prices.

Novak instructed companies to more quickly pass on the drop in exchange prices to the small-scale wholesale market, and the Agriculture Ministry, together with the regions and FAC, to monitor markups on diesel sold to farmers and ensure that intermediaries who buy diesel at tank farms lower prices.

"The participants in the meeting supported domestic fuel market stabilization measures prepared by the Energy Ministry and Finance Ministry to introduce prohibitive duties for certain categories of exporters. Such measures will maintain exports only for ethical producers and close possibilities for grey exports. The deputy prime minister said that the government will continue to formulate systemic measures to bring balance to the fuel market," the statement said.