Fuel companies recommended to maintain Sept 21 prices at gas stations - Novak Oct 4 meeting

MOSCOW. Oct 6 (Interfax) - Vertically integrated oil companies are recommended they ensure that prices at gas stations remain at the level of September 21, 2023, a source familiar with the minutes of the meeting with Russian Deputy Prime Minister Alexander Novak on October 4 told Interfax.

Following the meeting, the government press service reported that after the ban on the export of gasoline and diesel fuel was introduced on September 21, it was noted that prices for gasoline and diesel fuel on the St. Petersburg International Commodity Exchange decreased 6% and 21%, respectively.

"The Ministry of Energy said that prices for diesel in small wholesale decreased an average of 4,900 rubles per tonne. A decrease was recorded in 81 constituent entities of the Russian Federation. Depending on the type of fuel, prices fell from 500 to 15,000 rubles per tonne. Alexander Novak instructed companies to pass the faster reduction in exchange prices to the level of small wholesale," the message said.

At a meeting with Russian President Vladimir Putin on September 27, Novak reported that the government expects the reduction in prices in the wholesale segment to be passed down to retail, while oil companies have been given the appropriate recommendations.