The Russian government and oil companies have agreed to cut wholesale domestic fuel prices as a temporary measure aimed at stemming an unwanted increase in the cost of petrol and diesel, a politically sensitive issue for voters.
Petrol has become more expensive as a global deal to curb oil production led to a rise in the price of crude. Imminent U.S. sanctions against Iran, a large oil producer and exporter, have also lent upward pressure.
Russian authorities are keen to prevent fuel from becoming too costly because previous price spikes angered voters. The government is already taking a series of unpopular measures to raise more revenue for the budget and needs to tread carefully. Read more
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