Novak says oil pdt export quotas possible as gasoline prices rise

MOSCOW, Jul 21 (PRIME) -- The Russian government may impose oil product export quotas in the wake of growing national prices for gasoline, although other proposals to solve the problem exist, Deputy Prime Minister Alexander Novak told reporters on Friday.

Russia’s gasoline exchange prices hit several new records in late spring and at the beginning of summer because of maintenance works at the oil refineries. The Energy Ministry and the Federal Antimonopoly Service had to demand that the oil companies raise exchange sales of their fuel.

When asked whether the government was considering quotas for exports of oil products, Novak said, “We are considering that in general, but there are other proposals as well. We need to weigh all pros and cons.”

A prohibitive export duty would bear system-wide risks, so it is not a possible solution. The authorities considered possible solutions at a Wednesday meeting chaired by Novak, and the solutions will be announced soon, he said.

The government is focused mainly on the exchange fuel prices, and the situation should stabilize after oil refineries finish their maintenance works.

“We have no serious problems with the diesel fuel stock and prices. The price growth even on the exchange stands at 5–7% year-on-year. The situation with (the increase of prices for) gasoline and diesel fuel at the fuel filling stations remains within inflation … We are mainly focused on the exchange prices so that the situation stabilizes there,” Novak said.

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