Vice Prime Minister of Kazakhstan Bakhytzhan Sagintayev announced during the government meeting September 4 that Kazakhstan will not regulate AI-92 gasoline prices.
The move comes following the Russian ruble appreciation against Kazakh tenge that has been freely floating since August 20, he said.
"So far, we remain dependent on Russian fuel market by nearly 30%. Taking into account the growth value of the ruble from 2.5 to 3.6 tenge per 1 Russian ruble, we might face gasoline deficit due to the increase in purchasing prices. In order to prevent such case, we've decided to lift regulation of prices for gasoline AI-92," said Sagintayev.
However, the Government will continue price monitoring in order to prevent unreasonable price hikes. Unlawful increases of prices will be punished, he added.
“The government will keep eyes on those who will try to boost prices with the aim to profit in current situation," Sagintayev warned.
He also vowed that the market situation will be stable as only one (Pavlodar refinery) of three refineries in Kazakhstan is currently under the modernization, the other refineries are operating normally. Supplies from Russia will continue at the same level, in order to avoid shortages.
Meanwhile, the Ministry of National Economy has instructed the Committee for Regulation of Natural Monopolies and Protection of Competition to identify the reasons for the increase in prices for gasoline AI-95.
Since the stop of price regulation, “KazMunaiGas Onimdery" JSC reduced the gasoline price for brands to the level of 125 tenge per liter for AI-92 and 136 tenge per liter for AI-95.
The owners of gas stations have been warned about the responsibility for violation of antitrust laws.