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Energy Minister expects rise in gasoline prices to be higher than inflation

May 24, 17:48 UTC+3 ST. PETERSBURG

The Russian energy minister says the rise in gasoline prices this year will be higher than the inflation rate

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ST. PETERSBURG, May 24. /TASS/. The rise in gasoline prices this year will be higher than the inflation rate, but the government is doing everything possible to rein them, Russia’s Energy Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum.

"Prices for petroleum products will be slightly higher than inflation, but the government is taking measures to reduce pressure and prevent further price hikes," he said.

Novak could not say for how long excise duties on gasoline can be lowered. According to him, this will depend on the situation on the market.

Earlier, Novak said that the rise in fuel prices would be lower than inflation.

Novak also said that the Energy Ministry had raised its forecast for the price of oil for 2018 - above $60 per barrel.

"The prices will be higher (than those in the forecast the Energy Ministry gave earlier - $50-60 per barrel of oil - TASS.) They are now at a fairly high level, but only four months have passed. It is definite that that the price will be higher," he said, but did not mention any specific figure.

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