Major Russian oil companies holding fuel prices at their gas stations — Novak

ST. PETERSBURG, July 1. /TASS/. Russian vertically integrated oil companies are keeping fuel prices at their service stations within inflation limits, while there is a certain price gap at independent stations, but this situation should stabilize, Deputy Prime Minister Alexander Novak said.

"As for the impact on prices resulting from these disruptions, we see that our vertically integrated companies are keeping prices within those levels as socially responsible companies and, as bankers like to say, are targeting their prices at the inflation rate," he said at the Bank of Russia Financial Congress.

Novak attributed the price increases at some independent gas stations to supply disruptions. "Given the disruptions, there is currently a certain gap at gas stations owned by independent companies. This is a normal market situation that should even out as the market is replenished and the overall situation becomes fully balanced," he added.

According to the Deputy Prime Minister, there is sufficient gasoline and diesel fuel on the domestic market despite repairs at a number of refineries, while shortages and disruptions at certain gas stations are primarily due to logistical adjustments in deliveries from plants to specific oil depots and service stations. These issues are being quickly resolved, Novak noted.