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Situation in Russia’s fuel market remains tense – FAS chief

September 28, 2011, 13:00 UTC+3

"These formulas, in my opinion, correspond to a market economy," said Artemyev

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MOSCOW, September 28 (Itar-Tass) —— The situation in Russia’s domestic fuel market tense, the chief of the Federal Antimonopoly Service (FAS), Igor Artemyev, said in the Government Hour hearings in the Federation Council.

"The situation remains tense, the reasons for this are the same - the monopoly of large companies and high prices of petroleum products on world markets, provoking rises in prices in the wholesale and retail markets of Russia," he said.

The recently adopted measures, including the imposition of protective export duties on gasoline, have helped improve the situation, but far from everything has been done in this area so far.

The FAS chief is sure that Russian companies "must be guided by the principle of netback (seller’s net income less transportation and export costs) in determining the cost of fuel - in this case, the prices inside Russia would stay within certain limits all the time and approach the level in Europe. The FAS, he said, has already developed the bill. Also, there is a mechanism of exchange control and compulsory registration of OTC transactions on the exchange.

"These formulas, in my opinion, correspond to a market economy," said Artemyev.

"In order to avoid shortages we have everything we need, and I think we can avoid it," he concluded.

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