Putin orders Russian government to stabilize retail fuel prices amid spike

On Wednesday, Russian President Vladimir Putin ordered his government to make sure retail fuel prices stabilize, seeking additional measures to balance the domestic market following the introduction of a ban on gasoline and diesel exports. Putin also told the cabinet it needed to act swiftly and that reviewing oil industry taxes was an option.

"The retail price (of fuel) is rising. The measures have been taken, but the prices are rising. What happens on other stages is of little interest to the consumer. The consumer needs results. The same applies to agricultural producers," Putin said.

The government last week introduced a temporary ban on exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states in order to stem an increase in domestic fuel prices. While prices did initially ease on the local commodity exchange, they began to creep up again after some easing of the restrictions was announced over the weekend, according to reports.

Russia has suffered shortages of gasoline and diesel in recent months. Wholesale fuel prices have spiked, although retail prices are capped to try and keep them in line with the official rate of inflation. The crunch has been especially painful in some parts of Russia's southern breadbasket, where fuel is crucial for gathering the harvest.

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