Russian Government Proposed to Take Over Fuel Price Regulation Powers

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Russian Government Proposed to Be Granted Power to Set Maximum Retail Prices on Motor Fuel and Pyotroleum Products

A group of deputies from the Communist Party of the Russian Federation (CPRF), led by its chairman Gennady Zyuganov and first deputy chairman of the Central Committee Yury Afonin, have developed and submitted a bill to the State Duma.

The bill proposes to grant the Russian government the authority to set maximum retail prices on motor fuel and petroleum products for a period not exceeding 90 days. The authors of the bill argue that motor fuel and petroleum products are socially and economically significant goods, and their prices affect not only inflation but also the overall economic development.

"Currently, the authorities have no legislative basis for regulating fuel prices. Our bill creates such a basis, empowering the government to set maximum retail prices on motor fuel and other petroleum products for up to 90 days. This includes gasoline, diesel fuel, and aviation kerosene," Afonin explained.

According to Afonin, the current situation with fuel requires comprehensive measures, both economic and military-technical. Efforts by individual businesses to profit from the current situation must be stopped, he emphasized.

"Today, prices at some gas stations have increased several times, which looks completely inadequate and causes justified outrage among our citizens. Since fuel costs are embedded in the price of almost every product, such actions push up prices across the country," Afonin stated.

Passing the law and granting the government the relevant powers would allow stabilizing retail fuel prices and removing speculators from the market, the deputies believe. The bill was submitted to the State Duma on July 14.