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Gasoline Goes Up Here Contrary to Global Market
Gasoline prices in Russia lowered 0.1 percent from September 25 to October 2, Russian Statistics Service reported yesterday. But the prices soared 2.7 percent if taken for the whole September, having triggered inflation of 0.1 percent instead of expected deflation.
In Russia, the surge in gasoline prices began in August, just in time when the global prices for crude started their decline. In the environment of ailing world prices, the cabinet imposed record export duties on crude to make oil companies leave it here instead of shipping abroad. The hope was that gasoline prices would go down as a result of this effort.
In line with the theory, domestic wholesale price for crude oil shed from $35/barrel to $25/barrel past month. But the gasoline jumped nearly 3 percent contrary to its decline in Europe.
Russia's retail market of gasoline doesn't follow global trends, said analysts of Development Center. But the dependence was spotted only five years ago. Economic and market regularities don’t work here any longer because of high monopolization.
“Gasoline producers take every opportunity to generate excess profits,” said Mikhail Zak, head of Veles Capital analytical department. “They will hardly curtail prices without interference of antimonopoly bodies.”
www.kommersant.com
All the Article in Russian as of Oct. 13, 2006
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