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Vedomosti
Igor Artemyev |
Russia could start intervening in its domestic refined oil products market
next year after senior ministers backed plans to iron out sharp seasonal
price swings, competition chief Igor
Artemyev said Thursday.
Russia exports around 100 million tons of products each year to the
West, mostly gas oil and fuel oil, but prices have soared at home as refiners
cash in on lucrative Western markets, while local gasoline consumption
is also booming. Artemyev said a plan by his anti-monopoly service had
found support with Prime Minister Mikhail Fradkov and the Economic Development
and Trade Ministry as a 30 percent rise in domestic gasoline prices this
year threatens to derail a 10 percent inflation target.
"The Federal Service for Financial Markets is preparing its recommendations
on how this can be done," he said. "The order has been given
and I very much hope our colleagues from the FSFM will do everything quickly."
Artemyev's agency has proposed a system close to that already in use
on the grain and currency markets, when the state intervenes to regulate
price moves.
"We want to sell oil products when high prices peak and when there
is a short-term deficit or demand boost, and buy them in calmer periods,"
he said.
Fuel oil demand peaks during the October-March heating season, while gas oil
demand rises during April-September for use in agriculture.
Gasoline demand has been steadily booming over the past few years, boosted
by growing demand for modern cars due to healthy economic growth.
"Market prices can be influenced by selling volumes of more than
a million tons per season. These are volumes the state reserve and [oil
product pipeline monopoly] Transnefteprodukt have."
The government considered setting up a reserve of oil products to battle
seasonal price fluctuations in 2000, but instead introduced seasonal export
bans -- a practice it has since abolished.
See also:
the original at
www.themoscowtimes.com
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