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News // Companies

Russia's Oil Majors Not to Raise Petroleum Prices

22 September 2005 , 12:43587
Russia?s leading oil companies have agreed to freeze pump and oil product prices until the end of 2005 after meeting with Russian Industry and Energy Minister Viktor Khristenko.

The representatives of such oil companies as Lukoil, TNK-BP, Rosneft, Sibneft, Surgutneftegaz and Tatneft representatives reportedly attended the meeting on Monday. They made a decision voluntarily not to raise prices on the domestic market until the end of the year.

Russia?s leading oil producer Lukoil earlier announced it would freeze prices on gasoline and diesel throughout its service station network until the end of the year after protests from consumers and the Russian parliament against rising fuel prices ahead of the winter season.

Meanwhile, world oil prices climbed by more than $4 on Monday as Tropical Storm Rita headed for the U.S. Gulf of Mexico. Opec ministers appeared to favor leaving crude output unchanged for now.


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