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Tuesday, January 23rd, 2018

Ministry of Energy: Low gasoline prices will lead to its restriction

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Minister of Energy Kanat Bozumbayev said that the Ministry’s main task is to prevent deficit and ensure the saturation of the fuel market, and prices are regulated by the market itself.

We all live in a market economy, Kazakhstan borders with five states, four of which, with the exception of Turkmenistan, have much higher gasoline prices. If we want low prices, we must understand that in this case fuel will be limited. And this is a simple law of a market economy. I will not compare fuel prices in European countries with prices in Kazakhstan, because I fully understand that incomes are different too, � the Minister said at a meeting with the population today.

At the same time, the Minister said with certainty that Kazakhstan has one of lowest gasoline prices among CIS countries. On the part of the Ministry, I note that we will strive to achieve transparency in pricing and create economically viable conditions for the supply of oil to the domestic market. To this end, we are considering a number of mechanisms, such as developing exchange trade in petroleum products, and in the future changing the tax policy, � Kanat Bozumbayev said.

According to the Ministry, in January-April of this year, processing at three refineries grew by 107% (4.5 million tonnes); domestic market coverage with local gasoline was 77.5%, diesel fuel – 98.9%, aviation kerosene – 39%.

Source: Government of the Republic of Kazakhstan

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