In 2014 petrol prices to go up by 6-10% in Russia

In 2014 growth of petrol prices in Russia is going to reach 6-10%, Rusian Vice Premeir for oil industry Arkadi Dvorkovich told journalists.

“We will most likely have a small growth of gasolince price – 6-10%,” Dvorkovich said at the Open Innovations Forum.

He said in 2013 petrol prices will increase by about 6%. “Next year the price growth will be almlost the same,” Vice Premier added.

One of the reasons of price increase is the rise on oil tax and reduction of export duties of light oil products and oil. According to the Russian Ministry of Energy, this could lead to growth of petrol prices by more than 5-6%. Since 2014 petrol excises will also go up.

Vagit Alekperov, president of Russia’s biggest private oil company, said at the end of September that in 2014 petrol price could go up by 10-15%. He said this will be caused by the need to compensate inflation and rise in tax. Dvorkovich persuaded Alekperov to revise the forecast insisting that rise in prices should not exceed 10%, reported RIA Novosti.—0--