Official says fuel prices in Russia falling

MOSCOW, Jun 19 (PRIME) -- Russia’s Federal Antimonopoly Service and the Energy Ministry are daily monitoring fuel prices, which are currently falling, the service’s Deputy Director Anatoly Golomolzin said on Tuesday at a meeting of the Federation Council’s committee on economic policy.

“If previously monitoring was done on a weekly basis, now taking into account the crisis situation, monitoring jointly with the Energy Ministry’s CDU-TEK is held daily. The analysis shows that while at the beginning of the first week of June some growth remained, there was already some reduction of prices in the second week. The prices are currently stabilizing on the market,” he said.

Deputy Energy Minister Pavel Sorokin said that the government was doing enough.

“In the current external macroeconomic parameters, which we believe to be quite stable, the taken measures are enough in order to, first of all, stabilize prices, and we see it. Secondly, in order to ensure sufficient marginality of the sector’s functioning through saturation of the market, that is the bourse, with oil products,” he said.

The planned measures under the tax maneuver are to be enough to cap fuel prices by inflation, he added.

Fuel prices grew rapidly in April and May. The government had to cut excises on gasoline and diesel fuel, and agreed with the largest oil companies to fix prices at the level as of May 30 while the government works on measures to support the industry.

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