MOSCOW: Russian President Vladimir Putin has called upon the government to respond more swiftly to the escalating fuel prices that have caused concerns throughout the nation. This appeal comes despite the recent imposition of an export ban on petrol and diesel fuel to stabilize the domestic market.
Last week, the Russian government implemented a temporary limitation on fuel exports in an effort to address the rising prices and reported shortages in some regions.
President Putin expressed his hopes that the measures already taken will have a positive impact but emphasized the need for the government to work closely with oil companies to further reduce fuel costs. He urged the authorities to be vigilant and responsive to the evolving situation.
“We must treat them with care, but nevertheless, I would ask you to react more promptly to the events that are happening,” Putin conveyed to members of his cabinet during a meeting.
Fuel Prices Increase in Russia
Despite the export ban, the market price of Russian petrol experienced a renewed increase on Tuesday, following a brief recovery from record highs last week. Analysts have pointed to a combination of factors contributing to this trend, including a weaker ruble, the surge in global oil prices, and maintenance work at refineries affecting supply levels.
Reports from various regions have highlighted the impact of rising fuel prices, with some farmers unable to harvest grain due to a scarcity of fuel needed for their agricultural machinery.
These fuel price hikes occur in the context of Russia’s central bank warning of an anticipated slowdown in economic growth in the second half of 2023, with inflation persistently exceeding the bank’s target of four percent.
Despite ongoing concerns about inflation and the vulnerability of the ruble, Russian officials have largely downplayed the economic consequences of Russia’s prolonged military involvement in Ukraine.
