Russian monitoring prices in fuel market

The petroleum market keeps the surplus, fully meeting economic needs, the ministry stressed

The Russian Ministry of Energy in cooperation with the Federal Antimonopoly Service and oil companies is implementing ongoing monitoring and control of price dynamics in the fuel market, the ministry told reporters.

“The Russian Ministry of Energy notes stable situation in the domestic market of petroleum products. The authority in cooperation with the Federal Antimonopoly Service of Russia and oil prices is implementing the ongoing monitoring and control of price dynamics, which makes it possible to maintain the supply and demand balance,” the ministry said.

The seasonal growth of the demand in the summer period characteristic of market conditions is addressed in the current price policy, the ministry noted, adding that it is exploring further measures to smoothen exchange volatility.

The petroleum market keeps the surplus, fully meeting economic needs, the ministry stressed.

“Oil companies reduced export supplies for purposes of stabilizing the situation, redirecting extra fuel volumes to the domestic market. It facilitates the increase of the offer in exchange trading in July and August.

At the same time, pricing transparency is supported, which mitigates risks of an unjustified price hike,” the ministry added.