Novak: government is trying to balance wholesale fuel prices

The government is trying to balance wholesale prices on the fuel market. If necessary, the Cabinet of Ministers can take drastic measures, said Deputy Prime Minister Alexander Novak during the Tyumen Industrial and Energy Forum.

“There is a disproportion <...>. We are working to balance the wholesale market. In the last two trading sessions on the stock exchange, gasoline prices fell significantly, by about four percent in total, today we see a decrease in diesel fuel prices,” Novak noted (quoted from RIA “News“).

Balancing actions are necessary to contain the rise in fuel prices within the country given the tendency for the cost of petroleum products to increase on world markets and the growth of the dollar, Novak explained. The Cabinet’s steps are bringing results, but the Ministry of Energy has also developed more radical solutions in case of need, the Deputy Prime Minister noted.

Earlier, the Ministry of Energy announced its readiness to take radical measures in the fight against “grey” exports of petroleum products to stabilize fuel prices on the domestic market. The department clarified that the new decisions will take effect in the near future.