Russian gov't obliges oil companies to sell more fuel at exchange auctions

MOSCOW, April 23 (MENA) - Russian Prime Minister Mikhail Mishustin has signed a decree according to which oil companies should sell more fuel at exchange auctions.

"Oil companies will have to sell more fuel at exchange auctions," the Russian cabinet said in a statement carried by Sputnik News Agency on Saturday.

"The decision is aimed at maintaining a stable situation in the domestic gasoline and diesel market in the conditions of seasonal increase in demand," the statement reads.

"The new government decree will increase the guaranteed volume of fuel supply at exchange trading and increase the share of transactions that are concluded on competitive terms," the Russian government said.

The sale of part of the fuel produced by Russian oil companies on the stock exchange allows independent gas stations to buy it at market prices, reducing the risks of monopoly pricing since many dominant players in the fuel market have their own network of filling stations.(