Russian govt reduces sales standard for Class 5 gasoline on exchange to 10%

MOSCOW. July 3 (Interfax) - The Russian government has reduced the mandatory sales standard for Class 5 gasoline on exchange trading to 10% from 15% of the production volume from July 1 to September 30, the government press service reported.

The corresponding decree has been signed. The decision is aimed at stabilizing the domestic petroleum product market.

Deputy Prime Minister Alexander Novak announced the decision previously.

"We discussed the decision at our headquarters, and it is one of the measures, including those aimed at stabilizing the situation on the exchange market. The standard [for gasoline on exchange trading] has already been reduced to 10% from 15%. We have also decided to limit price fluctuations on the exchange to no more than 0.01% of each transaction. This should also stabilize prices on the exchange," he said.

Several Interfax sources previously reported that the gasoline volumes freed up by the measure would be used to supply agricultural producers and socially significant consumers.

The diesel standard, which is 16%, is not planned to be changed, according to one of the sources.