Government may raise ceiling retail prices for fuel shortly

July 26. Interfax-Kazakhstan. Astana

Government may raise ceiling retail prices for fuel shortlyCeiling prices on socially significant types of fuel in Kazakhstan may be raised shortly, the Minister of Oil and Gas Sauat Mynbaev said

“We expect a small increase of the ceiling prices, but we do not yet know what the prices will be,” Mynbaev told journalists in Astana on Tuesday.

He said the question would be discussed “in a day or two” at a joint meeting of the Ministry of Oil and Gas, Ministry of Economic Development and Trade and the State Agency for Natural Monopoly Regulation.

Sauat Mynbaev also threatened to apply sanctions to filling station owners who violate the ceiling prices and reiterated that ceiling prices for fuel would be set in coordination with the price levels in Russia.

The minister noted that the 92-octane gasoline price in Russia was 134-135 tenge per liter compared to 102 tenge in Kazakhstan. He added that the Kazakhstani price “should therefore be increased slightly”.

As it is known, the Kazakhstani Ministry of Oil and Gas sets ceiling prices on socially significant types of fuel. The current ceiling prices for 92-/93-octane gasoline are 102 tenge per liter, for 80-octane gasoline 84 tenge per liter, for diesel fuel 87 tenge per liter. The current exchange rate is 145.90/$1.