Russian Oil Companies to Freeze Fuel Prices Until Year-End

Russian oil companies to freeze fuel prices until year-end

MOSCOW, Sept. 19 (Xinhua) — Russia’s leading oil companies decided to freeze fuel prices on the domestic market until the end of the year at a meeting with Energy Minister Viktor Khristenko on Monday, the ministry’s spokesman said.

“On Monday, Viktor Khristenko chaired a session of leading fuel suppliers. At the session, the heads of the leading Russian oil companies decided of their own will to freeze prices on the domestic market until the end of the year,” spokesman Stas Naumov told the Interfax news agency.

The heads of Lukoil, TNK-BP, Rosneft, Sibneft, Surgutneftegaz and Tatneft “have agreed that the need exists to stabilize prices without any conditions and that their decision is not connected with any government decisions,” he said.

Russia, the world’s second largest oil producer, pumps out about 9 million barrels per day but has seen fuel prices rise sharply on the domestic market.

Russian gasoline prices have soared to more than 18 rubles (0. 63 US dollar) per liter, rising by one ruble in the course of last week.