Rosneft lowers product prices in Russia for second time since start of February

The President of Rosneft, Eduard Khudaynatov, and other Company officials decided at a meeting on February 11 to create a special group of managers responsible for allocation of motor fuels, which are produced and sold by the Company, and for monitoring of petroleum product sales in order to avoid unjustified overpricing on the domestic market.

It was also decided at the meeting to carry out a second stage of reduction in prices for gasoline and diesel fuel inside Russia. Rosneft was already among the first Russian oil companies to lower wholesale and retail prices at the start of February. The second wave of reductions means that Rosneft product prices will have been cut by up to 1.5 rubles per liter in some regions of the country since the start of the month.

Mr Khudaynatov commented: “It should be remembered that vertically integrated oil companies have only 40% share of the retail market, while the other 60% is controlled by independents. Nevertheless, Rosneft believes that its initiative will help to stabilize the domestic market for petroleum products, and that motorists will appreciate the Company’s efforts, particularly in view of the high quality of Rosneft products”.

Rosneft Information Division,
February 11, 2011