5 Oct 2023 15:31

Russian government discussing increasing fuel sales norms on exchange, returning damper, banning export of fuel from the exchange - deputy

MOSCOW. Oct 5 (Interfax) - The Russian government is discussing short-term and long-term measures to regulate the domestic fuel market, Pavel Zavalny, Chairman of Russia's State Duma Committee told reporters.

During a meeting on Wednesday chaired by Deputy Prime Minister Alexander Novak, they discussed "a ban on the export of fuel purchased on the exchange, suppression of speculation in exchange trading, such as the resale of previously purchased volumes, a directive increase in the share of fuel sold on the stock exchange, and returning the damper to its original values, as well as others," the deputy said.

"These measures must be taken promptly in order to avoid overstocking the domestic fuel market and deteriorating the economics of refineries and independent suppliers," Zavalny said.

The measures already taken are working: there has been a tendency towards an increase in fuel reserves, he said.

"The task for today, in my opinion, is to stabilize prices and not exceed the level of inflation on the retail market (gas stations), on the wholesale and small wholesale markets and to bring the price differences in relation to exchange prices to the levels of the first half of the year, as well as to intensify the work FAS is doing in the regions to suppress speculation at individual gas stations and in the small wholesale segment," the deputy said.