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Drop in small wholesale fuel prices to be felt at the pump — Novak

"It is important now that these prices are mirrored in the small wholesale link, for producers buying at oil depots and not on the exchange," the deputy prime minister noted

SOCHI, October 3. /TASS/. The price of small wholesale fuel has already begun to fall in the majority of Russian regions and this will be felt by consumers at the pump, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the annual meeting of the Valdai Discussion Club.

"Decisions made regarding the ban on exports of Russian petroleum products, primarily diesel fuel, have already resulted in a significant drop in exchange prices, up to 20% for diesel fuel. It is important now that these prices are mirrored in the small wholesale link, for producers buying at oil depots and not on the exchange. We are keeping close watch over this as well and see that small wholesale prices declined in the majority of regions of the Russian Federation, with this drop already amounting to 3,000 to 10,000 rubles ($30-100) per metric ton for diesel," Novak said.

The drop in fuel prices is critical for farmers who are in the midst of the fall harvesting and sowing season, the official added.

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Alexander Novak

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