Russian Government and Oil Companies Reach Agreement on Fuel Supplies

Russia secures fuel supply with new oil company agreements amid rising prices

The Russian Ministry of Energy and Federal Antimonopoly Service (FAS) are set to conclude agreements with oil companies to regulate fuel supplies on the domestic market and retail prices for gasoline and diesel fuel, taking into account inflation.

The list of companies with which agreements will be concluded includes Gazprom, Gazprom Neft, Lukoil, Rosneft, Surgutneftegaz, and 7 other companies.

These agreements aim to stabilize and develop the domestic fuel market. The Prime Minister of Russia, Mikhail Mishustin, has already approved this decision.

The agreements will allow the Ministry of Energy to recommend planned production volumes and oil product sales to companies. This will help maintain fuel supplies on the domestic market during periods of seasonal demand growth and agricultural work.

In Russia, a ban on gasoline exports is currently in effect until May 31. This decision was made to maintain a stable situation on the domestic fuel market during the high seasonal demand period and agricultural work, as well as due to rising global oil prices caused by the conflict in the Middle East.