Novak held a meeting with representatives of Russian oil companies

Russian Deputy Prime Minister Alexander Novak held a meeting with representatives of oil companies, reported government press service.

The parties discussed the situation with the provision of motor fuel in the country and its pricing in the wholesale and retail segments, the Cabinet of Ministers reported. “There has been a decrease in prices on the St. Petersburg International Commodity and Raw Materials Exchange (SPIMEX) since the beginning of the week for all major types of petroleum products,” the report says.

The meeting participants, according to a government statement, noted “the absence of fuel shortages in the wholesale and retail segments and the presence of sufficient reserves at refineries [нефтеперерабатывающих заводах]oil depots and in Transneft reservoirs.”

“The total inventory of motor gasoline at refineries and oil depots as of September 20 amounted to 1.9 million tons. The inventory of diesel fuel at factories, oil depots and in the Transneft system amounted to 2.95 million tons,” the Cabinet of Ministers concluded.

On September 21, the government introduced a temporary restriction on the export of motor gasoline and diesel fuel “to stabilize fuel prices in the domestic market.” According to the Cabinet of Ministers, the measures will “saturate” the fuel market, and this should lead to a reduction in its prices. The Ministry of Energy stated that the ban was introduced indefinitely.

Previously Vedomosti wrotethat prices for AI-92, AI-95 and diesel fuel dropped sharply during the trading session at the St. Petersburg International Trading Exchange commodity exchange on September 22. Quotes for AI-92 today decreased by 9.6% compared to the previous day to 55,925 rubles/t. The wholesale price for 95 gasoline fell by 10.8% compared to the closing price of the previous session to 59,362 rubles/t – the minimum since the beginning of May.