OREANDA-NEWS. February 02, 2009. Export duties for oil and oil products in the Russian Federation are decreased from 1st February 2009. In this context, analysts, experts and representatives of oil companies made several statements through various media regarding inevitable increase of domestic prices for oil products, reported the press-centre of FAS Russia.

FAS Russia is empowered to announce that such statements are groundless. Fuel prices on foreign markets tend to decrease, while demand on the Russian market is declining. The level of reduction of wholesale prices for oil products in the Russian Federation, however, still falls behind the rate of price drop on the global markets, and retail price movements are significantly behind the rate of wholesale price downscaling.

The Government of the Russian Federation is improving the framework for fixing customs duties, which is aimed at supporting the oil industry, reducing fiscal burden and ensuring the rate of return, sufficient for production development and modernization.

The Antimonopoly Service has already informed that if, upon completing analysis of the data obtained by monitoring of the oil products market, it reveals anticompetitive actions of the market participants, FAS Russia will initiated antimonopoly cases against the violators on both wholesale and retail markets.

Taking into account the current economic situation and estimates, FAS Russia chooses to make the following statement. If the oil companies increase wholesale and retail prices on domestic markets, explaining it by reduction of export duties, the Antimonopoly Service will undertake all necessary measures of antimonopoly control and approach the Chairman of the Government of the Russian Federation with a proposal to immediately increase the export duties.