The Federal Antimonopoly Service (FAS) of Russia currently sees no prerequisites for a rise in prices for oil products above inflation, according to the department’s press release.
"FAS Russia currently sees no prerequisites for a rise in prices higher than inflation in the retail segment of the market. Regarding the wholesale segment of the market, the situation is expected to stabilize in the near future and a period of progressive increase in sales of oil products on the exchange will begin," TASS quoted the statement as saying.
The department noted that increased demand during the ‘long weekend’ periods is objective and predictable. "At the same time, there was a slight drop in supply, which also influenced the situation on the market in terms of a temporary increase in wholesale prices for oil products," the department said.