9/27, 3:00 PM (Source: TeleTrader)
more TeleTrader news

Russia proposes duty on export of petroleum products

Russian Deputy Prime Minister Alexander Novak (pictured) said on Wednesday that the government has proposed a duty on the export of petroleum products of 20,000 to 50,000 rubles per ton in order to protect the domestic market. Meanwhile, Russian President Vladimir Putin noted that gasoline prices in the country are on the rise and that consumers "need results."

Last week, Russia introduced temporary restrictions on the export of motor gasoline and diesel fuel, which led to a decrease in domestic prices. However, Novak said that now "there is a price correction on the exchange." Putin stated that Russian companies "want to make the maximum profit by exporting" and said the government must respond in a timely manner on behalf of consumers.

Baha Breaking News (BBN) / DJ