The growth of gasoline prices has been stopped starting May 30, Russia’s Energy Minister Alexander Novak said during President Vladimir Putin’s annual Q&A session on Thursday, adding that the domestic market is fully supplied with fuel.
“As of now the price growth has been stopped. In May, the government took a decision to assume a set of measures to stabilize prices on the wholesale market and at filling stations in a timely manner. Those urgent fiscal measures have had a positive impact, as prices at filling stations have not been rising since May 30,” he said.
Prices at the pump in Russia rose by 5.6% in May 2018 versus April, and by 11.3% year-on-year, the Russian State Statistics Service said earlier. Gasoline prices added 7.2% year-to-date, while diesel fuel prices increased 5.2% in May. In a move to stabilize the situation, the government lowered excise duties on gasoline and diesel fuel by 3,000 and 2,000 rubles ($48-32) per tonne, respectively, starting June 1. Another 700-ruble ($11) reduction is expected beginning July 1.
Russia’s Deputy Prime Minister Dmitry Kozak said earlier that major oil producers had given guarantees of price fixing for oil products as of May 30.
