All news
1 Apr, 17:22

Oil products prices in Russia remain below global levels — PM Mishustin

Mikhail Mishustin emphasized that the authorities place special focus on the oil sector

MOSCOW, April 1. /TASS/. Prices for refined oil products in Russia are lower than in other countries, but it is essential to maintain strict oversight of the situation, Prime Minister Mikhail Mishustin stated during a strategic session on the development of the oil industry and coal sector through 2050.

"For many years, the prices of high-value refined oil products and petrochemical goods in Russia have been significantly lower than in most other countries. It is crucial to keep this situation under constant control. Maintaining these prices at an acceptable level is directly linked to the competitiveness of our economy," he said.

Mishustin emphasized that the authorities place special focus on the oil sector. Russia accounts for approximately 10% of the global oil market and takes a responsible approach to ensuring global energy security, working closely with its OPEC+ partners.

"This sector contributes about 20% of the country’s GDP. Annual investments in the industry exceed 5 trillion rubles, which also fosters the development of numerous related sectors," he added. The prime minister noted that significant efforts lie ahead in the extraction of hard-to-recover oil reserves.