Gasoline Price in Russian Federation not to Exceed Inflation Level

Vice Prime-Minister Arkadiy Dvorkovich

The deputy head of the government of the Russian Federation Arkadiy Dvorkovich said summing up the results of the meeting of the governmental Fuel and Energy Complex committee that the growth of the gasoline cost in the domestic market of the country in 20123 will not exceed the level of inflation. It should be reminded that at the end of August the experts of the Ministry of Economic Development and Trade changes the forecasted level of inflation for the current 2012 from the previous 5-6 per cent to 7 per cent.

“For the nine months of 2012 the growth of the gasoline prices was considerably lower than the growth of inflation, and on the whole this gives us some ground to believe that further on it won’t be exceeded either. The possible fluctuations may be turned by the oil companies into excise duty rise, into the cost of gasoline and other oil products”, — the vice prime-minister says.

In the opinion of Arkadiy Dvorkovich, in the coming years the cost of gasoline and other oil products in the domestic market will be tightly bound to the program of oil refineries upgrade. These programs have been agreed with the government and are still being executed. According to the report on the upgrade schedule fulfillment, which was considered at the governmental Fuel and Energy Complex committee, some of the plants are behind schedule, but the delays are not critical. Moreover, in his speech the prime-minister of the Russian Federation expressed his hope on the absence of any serious misbalance in the coming months, and on taking prompt measures in relation to particular regional problems. This means that the production of motor fuels of higher class in the country will gradually rise, says Arkadiy Dvorkovich.

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