Report: Russia to Freeze Gasoline Prices

[RamboLiberal]

http://www.breitbart.com/news/na/D8CNFHEO0.html

Russia's major oil producers agreed Monday to freeze their gasoline prices in the country until the end of the year, the Interfax news agency said, citing the Industry and Energy Ministry.

The oil companies made the decision at a meeting with Industry and Energy Minister Viktor Khristenko, Interfax quoted ministry spokesman Stas Naumov as saying. The ministry could not immediately be contacted Monday.

"The result of the meeting was a voluntary decision by the management of Russia's largest companies; prices won't rise any further on the domestic market until the end of the year," the official said, according to Interfax.

Surging oil prices worldwide have boosted the cost of gasoline in Russia, the world's second-largest oil exporter after Saudi Arabia, provoking criticism from Kremlin-loyal politicians. Gas prices rose by a ruble in the space of a week as of Tuesday, to 18 rubles ($0.63) per liter (0.26 gallon).

The biggest Russian crude oil producer, Lukoil, announced a unilateral cap on gasoline prices Monday with immediate effect. Another major oil company, TNK-BP, which is a 50-percent joint venture with British oil giant BP, declined to confirm the price freeze, but said it would make an announcement Tuesday.