Russian gasoline prices rising at filling stations; pace is within inflation - Energy Ministry

MOSCOW. Aug 1 (Interfax) - Gasoline prices at Russian filling stations have been rising, though the rates remain within the general inflation background, as well as within the decisions reached in excise policy.

The Energy Ministry responded in this way to Interfax's request to comment on Federal State Statistics Service (Rosstat) data, according to which the rise in prices at Russian filling stations exceeded the inflation rate by the end of July.

There is no direct state regulation regarding the prices of petroleum products in the Russian Federation. Meantime, the instruments of tax, customs, and administrative regulation are used as a guideline to maintain the growth of retail prices for petroleum products at a rate close to inflation. This goal has been successfully achieved over many years, while retail prices, both average and for individual companies and regions, sometimes deviate from the national inflation rate, outpacing or remaining behind it.

Russia's Energy Ministry has carefully analyzed the dynamics of prices for motor fuel on a daily basis. The growth of prices for gasoline at filling stations is indeed observed, but its rate remains within the general inflation background and the decisions made in excise policy, the ministry said.

Rosstat data published on Wednesday indicate that prices for gasoline at domestic filling stations jumped 4.61% year-on-year as of July 28, while general inflation was 4.51%.

Interfax has sent a similar request to the Federal Antimonopoly Service.

Regulators previously said that it was important for the fuel market that growth in prices at filling stations does not exceed inflation.