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Risks of unjustified fuel price hike minimal, Energy Ministry says

The ministry added that the pricing transparency is supported at the same time, which mitigates risks of the unjustified rise in prices

MOSCOW, August 4. /TASS/. The Russian Ministry of Energy considers risks of the unjustified fuel prices growth are minimal and the petroleum products market keeps the surplus, the ministry told reporters.

"Oil companies reduced export shipments for situation stabilizing purposes, having redirected extra fuel volumes to the domestic market. This facilitates an increase of the offer during exchange trading in July and August. The pricing transparency is supported at the same time, which mitigates risks of the unjustified rise in prices," the ministry said.

"The petroleum products market maintains its surplus balance, fully meeting economic needs. The seasonal growth of the demand in the summer season, which is characteristic of market conditions, is addressed in the current price policy," the ministry added.