Russia’s Central Bank expects petrol prices to stabilize amid government measures, the regulator’s First Deputy Chief Ksenia Yudaeva said Wednesday, TASS reports.
"Regarding petrol prices, serious changes are taking place now, and the situation is likely to stabilize. First, the government has taken measures, this coupled with stabilization of the currency exchange rate. Nevertheless, more calculations are needed as to any additional effects are going to follow," she said.
According to Yudaeva, global prices that are no longer rising will contribute to stabilization of petrol prices.
"Factors that triggered a very quick upsurge in petrol prices are currently contributing to their stabilization," she said.
Russia’s petrol prices rose 5.6% in May 2018 against April and 11.3% year-on-year, the Russian State Statistics Service (Rosstat) said earlier. Gasoline prices added 7.2% year-to-date. Diesel fuel prices grew by 5.2% in May.
In a move to stabilize the situation the government cut excise duties on gasoline and diesel fuel by 3,000 and 2,000 rubles ($48-32) per tonne, respectively, starting June 1.
Russia’s Deputy Prime Minister Dmitry Kozak said earlier that major oil producers had given guarantees of price fixing for oil products as of May 30.