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Russian premier meets with Rosneft head to discuss fuel market issues

June 15, 2018, 2:19 UTC+3 MOSCOW

Rosneft’s operations in 2017, along with the company’s major current and future projects, were also discussed

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MOSCOW, June 14. /TASS/. Russian Prime Minister Dmitry Medvedev has held a working meeting with the head of Russia’s oil giant Rosneft, Igor Sechin, to discuss situation on the fuel market, the Russian government said in a statement on Thursday.

"During the meeting, issues of fuel market functioning were raised, including in the context of the government’s decisions to stabilize gasoline prices," reads the statement, posted on the Russian government’s official website.

"In addition, the results of Rosneft’s operations in 2017, along with the company’s major current and future projects, were also discussed," the Russian government said.

Prices at the pump in Russia hiked in April. From the beginning of the year, average gasoline prices rose by 8%, and diesel fuel - by 8.5%. The authorities attributed the trend to the growth in global oil prices, which spurred exports to the detriment of the domestic market. In a bid to stabilize the situation, the government lowered excise duties on gasoline and obliged oil companies to freeze prices for gasoline and diesel and boost supplies to the domestic market.

The government said it would increase oil export duties if prices continue to grow.

Last week, the Moscow Fuel Association said gasoline prices subsided for the first time since March. The Federal Antimonopoly Service (FAS) confirmed the information.

Rosneft increased its oil and condensate production by 7.3% in 2017 compared with 2016 to 225.5 mln tonnes, Russia’s top oil producer announced in March. Average daily liquids production amounted to 4.55 mln barrels in Q4 2017. The company produced 225.5 mln tonnes of liquid hydrocarbons (4.58 mln barrels per day) in 2017, raising the average daily production level by 7.6%.

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