JSC Gazprom Neft has reduced wholesale prices for jet fuel as of October 17, 2008. The 12 percent per tonne price cut for all new contracts will lead to a corresponding jet fuel price decrease at Russian airports.
Therefore, the average decline of jet fuel prices charged by the Company’s refineries has been 30 percent since August 2008.
LUKOIL also continues scheduled petroleum products price reduction, which began in August/September, 2008. In the near future the prices will be gradually reduced by 3-8% in all Russian regions of the company’s presence.
Previous reports suggest that on October 17, 2008 LUKOIL reduced aviation kerosene prices by 9% (RUR 2,000/ton). In total, LUKOIL reduced its prices for this kind of petroleum products by 24% over the last three months.
‘If the oil prices continue their downward trend, our Company will reduce petroleum products retail prices based on economic pricing principles and market conditions’, Vagit Alekperov, OAO LUKOIL President, said.
The markdown in petroleum products retail prices is conditioned by changes on the global market due to global oil price reduction and, consequently, in Russia, and due to seasonal demand diminution.
Therefore, the average decline of jet fuel prices charged by the Company’s refineries has been 30 percent since August 2008.
LUKOIL also continues scheduled petroleum products price reduction, which began in August/September, 2008. In the near future the prices will be gradually reduced by 3-8% in all Russian regions of the company’s presence.
Previous reports suggest that on October 17, 2008 LUKOIL reduced aviation kerosene prices by 9% (RUR 2,000/ton). In total, LUKOIL reduced its prices for this kind of petroleum products by 24% over the last three months.
‘If the oil prices continue their downward trend, our Company will reduce petroleum products retail prices based on economic pricing principles and market conditions’, Vagit Alekperov, OAO LUKOIL President, said.
The markdown in petroleum products retail prices is conditioned by changes on the global market due to global oil price reduction and, consequently, in Russia, and due to seasonal demand diminution.