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Gasoline Prices Catch Up With Inflation
Gasoline prices in Moscow soared 5.5 percent in the first three weeks of this August, Moscow Fuel Association (MFA) reported Tuesday. Taken for Russia, the prices grew 3.2 percent in the first half of this month, according to Russia’s Statistics Committee. So, the government has apparently lost its battle with prices for fuel. Despite all efforts of the cabinet, the surge in retail prices for gasoline still equals consumer inflation - both of them stepped up 6.9 percent from early this year.
A liter of Ai-92 averaged 18.73 rubles at Moscow gasoline stations, MFA said, while Ai-95 gasoline fetched 19.77 rubles. The prices surged 5.5 percent over the first three weeks of this month with the better part of the growth occurred in the past week.
In Russia overall, the fuel prices grew 3.7 percent from January to July, said Russian Statistics Committee. But gasoline gained another 3.2 percent in the first two weeks of this August, signaling the growth rates have caught up with inflation. Both indicators soared 6.9 percent from January.
The response of authorities is rather weak yet. Economic Development Minister German Gref, for instance, said the growth in fuel prices shouldn’t surpass the 2006 target inflation (9 percent) and recalled the previous year’s moratorium, when pressurized by the government, the oil giants tied up retail prices for gasoline and diesel fuel from October to December. If Gref’s criterion is ultimately implemented, a liter of Ai-95 will cost roughly 20.7 rubles by the end of this year, but Moscow will have this price already this week, if today’s tendency survives.
www.kommersant.com
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