Russian oil giant freezes pump prices until end of 2005

0 Comments | AFP, September, 2005

MOSCOW (AFP) — Russian oil giant Lukoil has frozen pump prices for petrol and diesel at its service station network across Russia until the end of this year, the company announced in a written statement.

The move "will continue a constructive dialogue between the government of the Russian federation and the oil companies in order to stabilise domestic prices on oil products," Lukoil president Vagit Alekperov said in the statement on Monday.

Lukoil, Russia's largest oil company, said it had reduced and frozen prices starting in December 2004 but had encountered opposition from competitors and misunderstandings with certain state institutions.

Lukoil has four refineries and around 1,500 service stations across Russia, the statement said.

© 2005 AFP