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15 April 2021, 11:42

Belneftekhim: Belarusian market unaffected by global oil price fluctuations

MINSK, 15 April (BelTA) – The Public Advisory Council for Entrepreneurship at Belneftekhim held a large meeting with representatives of the Ministry of Antimonopoly Regulation and Trade (MART), the National Assembly, Belarusian Institute of Strategic Research (BISR), the Belarusian trade union of workers of chemical, mining and petroleum industries, the Belarusian association of industry enterprises BelAPP and business, BelTA learned from the press service of the Belarusian state petrochemical concern Belneftekhim.

The meeting discussed the state and trends of the automotive fuel market in Belarus, the measures to maintain stability in this market and reviewed the proposals to improve them.

Special consideration was given to the issues of price regulation in the domestic market, the influence of external factors on prices. The price policy of Belneftekhim, which is the regulator of prices for oil products on the Belarusian market, was also discussed.

The meeting noted that the domestic fuel market is showing signs of saturation and protection against shock fluctuations in the prices for oil and petroleum products in the global market.

Manufacturing, quality, stocks, logistics, and sale fully meet the needs of consumers of automotive fuel. Measures to contain price growth in the Belarusian fuel market are seen as effective. Spikes in global prices for oil and petroleum products have not had a negative impact on domestic prices.

"The countries where this issue is market regulated, fuel prices, even in 2020 that saw the lowest drop in oil prices, did not reach the level of prices in Belarus and were higher one and a half or two times," Belneftekhim said.

The regulator's tactic of capping retail fuel prices is an effective hampering factor for price escalation in this sector of the economy. The Public Advisory Council supported the price policy of Belneftekhim.

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