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Russian producers obliged to sell more fuel at exchange auctions

In an attempt to reach a balance in the domestic gasoline and diesel markets, the Russian government will now be requiring the country’s oil producers to sell more fuel at exchange auctions.

“Oil companies will have to sell more fuel at exchange auctions. The decision is aimed at maintaining a stable situation in the domestic gasoline and diesel market in the conditions of seasonal increase in demand,” reads a statement published on the website of the Russian government.

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According to the statement, the changes are applicable to gasoline for automobiles and diesel fuel and entail the minimum share of gasoline sales on the stock exchange being raised from the current 11% to 12% of the total production volume, while the share for diesel will be increased from 7.5% to 8.5%.

READ MORE: Russia ramps up oil shipments – report

The measure is expected to allow independent gas stations to buy the fuels at market prices. Such an approach is said to reduce the risks of monopoly pricing, since many dominant players in the fuel market have their own networks of filling stations.

“The new government decree will increase the guaranteed volume of fuel supply at exchange trading and increase the share of transactions that are concluded on competitive terms,” the statement added.

For more stories on economy & finance visit RT’s business section

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