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Kazakhstan stops regulating AI-92 gasoline prices

Business Materials 4 September 2015 19:52 (UTC +04:00)
The Kazakh government has decided to terminate the state regulation of AI-92 gasoline prices
Kazakhstan stops regulating AI-92 gasoline prices

Baku, Azerbaijan, Sept. 4

By Elena Kosolapova - Trend:

The Kazakh government has decided to terminate the state regulation of AI-92 gasoline prices, Bakytzhan Sagintayev, First Deputy Prime Minister of Kazakhstan, said at a press conference in the Central Communications Service under the president of Kazakhstan, the service said Sept. 4.

"This decision was taken in connection with an increase of the Russian ruble exchange rate in Kazakhstan, which occurred as a result of passing to a floating exchange rate of tenge," he said.

Kazakhstan abolished the currency corridor August 20 and passed to a free-floating exchange rate of the national currency - tenge.

"At present, we are still dependent on the Russian fuel market at about 30 percent," he said. "Taking into account the ruble exchange rate growth from 2.5 to 3.6 tenge per 1 Russian ruble, there is a risk of deficiency because of increasing the procurement prices.

"In order to avoid such a situation, it was decided to refuse from the state regulation of prices for A-92 gasoline," said Sagintayev.

At the same time, despite the termination of price controls, their monitoring will be continued to prevent unreasonable increase in the cost for gasoline on the markets, he said.

First deputy prime minister said that all those who try to get additional profit from this situation will be punished.

In late May in accordance with the order of the minister of energy of Kazakhstan, the maximum retail prices for AI-92/93 gasoline were set at 108 tenge per liter (139.76 tenge = $1 as of September, 4). The maximum retail prices of diesel and AI-80 gasoline in Kazakhstan have not changed and remained at 99 tenge and 89 tenge per liter, respectively.

Three major oil refineries - Pavlodar, Shymkent and Atyrau operate in Kazakhstan.

Edited by CN

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