Lukoil Announces Further Fuel Price Cuts

Russian oil company Lukoil has announced that its refineries have reduced factory prices for motor gasoline, diesel and jet fuel for the second time in August 2008.

In the second half of August 2008, the company’s plants reduced factory prices for AI-92 gasoline by 12%, AI-80 gasoline by 5%, diesel by 5% and jet fuel by 5%.

In the first half of August 2008, Lukoil’s refineries have reduced factory prices for diesel fuel by 7%, fuel oil by 8% and jet fuel by 4%.

Lukoil expects that such pricing will lead to considerable retail price decreases at the company’s filling stations in a number of regions in Russia. Lukoil owns four refineries in Ukhta, Perm, Nizhny Novgorod and Volgograd, as well as two mini refineries located in Urai and Kogalym in western Siberia.