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Minister: Increase in gasoline prices not expected in Kazakhstan in first quarter of 2014

Kazakhstan Materials 13 November 2013 16:05 (UTC +04:00)
Gasoline prices in Kazakhstan will not be increased till the end of the first quarter of 2014,
Minister: Increase in gasoline prices not expected in Kazakhstan in first quarter of 2014

Astana, Kazakhstan, Nov. 13

By Daniar Mukhtarov - Trend: Gasoline prices in Kazakhstan will not be increased till the end of the first quarter of 2014, Kazakh Minister of Oil and Gas, Uzakbai Karabalin said on Nov. 13 at the plenary session of the Majilis (the lower chamber) of the Kazakh Parliament.

According to the minister, the Agency on Regulation of Natural Monopolies of Kazakhstan and the Ministry of Oil and Gas will continue monthly monitoring of the changes in oil prices quotations.

"Prices will be adjusted in accordance with the approved rules. Increase in petroleum products prices is not expected till the end of the year. We also give the same forecast for the first quarter of 2014," the minister said, responding to MP Shavkat Utemisov's question on measures taken to stabilise the price of gasoline.

The minister also said the government regulates the retail prices of AI-80, AI-92 gasoline and diesel fuel in order to avoid sudden changes in prices of fuel and lubricants.

"Calculation of the maximum retail prices is conducted in accordance with the rules, taking into account transport costs and import duties, excises of expenditures of storing at the dollar rate, as well as oil prices quotations. Currently, the average annual consumption of best-selling AI-92, AI-93 gasoline is about 2.6 million tons, of which about 30 per cent accounts for Russian petrol. In Russia the retail price of this oil brand is 30 tenges (153.26 tenge = 1 dollar) per litre, or about 20 per cent more than the price for Kazakh oil," Karabalin said.

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