Novak: growth rate of petroleum products’ retail prices not expected to exceed inflation in 2021

Novak: growth rate of petroleum products’ retail prices not expected to exceed inflation in 2021

The growth of the regular (92 Octane) gasoline price was around 2% in Russia in 2020, which is substantially below inflation rates, Deputy Prime Minister Alexander Novak said, adding that this year growth rates of petroleum products’ prices are not expected to exceed inflation.

"The growth of regular gasoline prices was around 2% in 2020 in Russia, which is substantially below inflation rates. Meanwhile, wholesale prices fluctuations directly depending on the global oil market environment, as well as the demand and supply factors, were reported during the year," TASS cited him s saying.

"A damping mechanism is efficiently being used to damp the effect of global market retail prices fluctuations. As a result of that mechanism, growth rates of petroleum products’ retail prices will not exceed inflation in 2021 either," Novak added.

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