MOSCOW, September 27. /TASS/. The government expects stabilization on the Russian fuel market and a reduction in prices for gasoline and diesel fuel in wholesale and retail, said Deputy Prime Minister Alexander Novak. He was speaking at a meeting of Russian President Vladimir Putin with the Cabinet of Ministers.

"With the equalization of prices and the situation in the wholesale segment, we expect further stabilization of the market and a reduction in prices in the small wholesale and retail segments, primarily at independent gas stations," he said.

According to him wholesale prices for gasoline decreased by 20%, prices for diesel fuel dropped by 16%, since the ban on fuel exports was introduced on September 21.

"We monitor selling prices for diesel fuel in all constituent entities of the Russian Federation; in 23 regions, since the 21st [of September], prices have decreased by an average of 5% on the small wholesale market and at oil depots, the range is approximately from 1 to 17% by region," the Deputy Prime Minister said.

Gasoline price increases at gas stations of vertically integrated companies remain close to the inflation rate. Meanwhile, stock prices over the past two months have increased by 15% for gasoline and 30% for diesel fuel. The Deputy Prime Minister explained the situation on the fuel market by the attractiveness of the export alternative to petroleum products against the backdrop of rising world oil prices, a reduction in the discount on Russian oil and the weakening of the ruble, as well as certain logistical difficulties. According to him, the increase in stock prices for fuel in the last two days is a correction after a sharp drop, and now the prices reflect the real situation.

Russia introduced restrictions on the export of gasoline and diesel fuel from September 21.

According to the government decree to that effect, the restrictions are temporary and begin on September 21 "from the date of its official publication," but the document does not specify the expiration date of the restrictions.

According to the Energy Ministry, restrictions on the export of gasoline and diesel will help curb "gray" exports, saturate the domestic market, and may also lead to an additional reduction in prices.