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Russia among five countries with lowest fuel prices — Novak

Russian Deputy Prime Minister added that such a system allows Russia to maintain fairly low prices for petroleum products

MOSCOW, June 6. /TASS/. Russia is among the five countries with the lowest prices for petroleum products, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF).

"We are among the five countries with the lowest prices because, overall, we have built such a mechanism for pricing petroleum products that allows prices to rise no faster than inflation," Novak said.

The deputy prime minister added that such a system allows Russia to maintain fairly low prices for petroleum products. At the same time, Novak noted, they are naturally rising gradually. "They are still increasing at the level of inflation, like all other goods within Russia," he said.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.

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