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Increase in petroleum products’ retail prices not expected to outpace inflation in 2021

MOSCOW, January 11. /TASS/. The growth of the regular (92 Octane) gasoline price was around 2% in Russia in 2020, which is substantially below inflation rates, Deputy Prime Minister Alexander Novak told reporters on Monday, adding that this year growth rates of petroleum products’ prices are not expected to exceed inflation.

"The growth of regular gasoline prices was around 2% in 2020 in Russia, which is substantially below inflation rates. Meanwhile, wholesale prices fluctuations directly depending on the global oil market environment, as well as the demand and supply factors, were reported during the year. A damping mechanism is efficiently being used to damp the effect of global market retail prices fluctuations. As a result of that mechanism, growth rates of petroleum products’ retail prices will not exceed inflation in 2021 either," he said.