Minister: Russia’s wholesale fuel prices start falling in July

MOSCOW, Jul 17 (PRIME) -- A decreasing trend in fuel wholesale prices emerged in July, Energy Minister Alexander Novak told reporters late Thursday.

"Also, a falling trend of wholesale prices for engine fuel and growth of profit of independent fuel stations emerged in this July, which must stabilize the retail prices thanks to lower pressure on independent retail and removal of social tension," Novak said.

Local production grows faster than demand, and stocks remain high. Gasoline production grew by 38.6% on the month to 2.8 million tonnes in June, diesel fuel by 20.9% to 3.1 million tonnes.

Gasoline and diesel fuel prices had grown in line with inflation earlier in 2020 not exceeding 3%, the minister said.

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