Russian Petrol Prices May Rise by 10% in February

The retail price of petrol may rise by an average of 10% from February, according to the executive director of the Russian Fuel Union, Grigory Sergienko. According to the RTR television company, he said that 'by the end of January the situation in the fuel market, which is changing due to a 45% increase in excise duty on petrol products, will be more or less clear, and a rise of this level in the retail price will be possible.' The first payments according to the new tax system will be made before February 10.

Sergienko stressed that in the future the price of petrol would largely depend on the situation in the foreign and domestic markets. If a balance is maintained between supply and demand for fuel within Russia, then consumer prices will remain stable. However, if oil companies significantly increase export volumes and the domestic market is left short, 'it will be difficult to predict petrol prices.'