
Deputy Prime Minister Alexander Novak said that the authorities intend to continue working to reduce the cost of fuel at independent gas stations to the level of prices at gas stations of vertically integrated Russian companies, which provide about 80% of retail sales and grow approximately at the rate of inflation.
AI-generated summary
Vertically integrated companies provide about 80% of retail fuel sales in Russia and, according to Novak, perform a social function by keeping price increases at the level of inflation.
The authorities intend to continue working to reduce the cost of fuel at independent gas stations to levels that are maintained at gas stations of vertically integrated Russian companies. Deputy Prime Minister Alexander Novak told Channel One about this.
“We will continue to work so that prices return to the prices that are today at gas stations of vertically integrated companies,” said the deputy chairman of the government (quoted by TASS).
Earlier, he noted that at the gas stations of these companies, which provide about 80 percent of retail sales in the country and “perform essentially a social function,” prices are rising at approximately the level of inflation.
AI outlook — possibilities, not facts
In the coming weeks, authorities may announce specific measures to regulate fuel prices at independent gas stations.
Possible · Within weeks

Brent prices fell below $99 a barrel on October 2 on expectations of the release of strategic fuel reserves in Europe, but then rose to $102.4, defying Donald Trump's hopes for a quick price reduction from European reserves, despite claims of EU cooperation.

Deputy Prime Minister of the Russian Federation Alexander Novak said that the Russian authorities will strive to reduce prices at independent gas stations to the level of prices at gas stations of vertically integrated oil companies (VIOCs), which keep price increases close to inflation and sell about 80% of the total volume of petroleum products sold.

Nvidia's stock hit an all-time high of $235.58 per share on October 2, increasing the company's market capitalization to $5.7 trillion. The growth is driven by the ongoing AI boom and strong quarterly results released in August.

The Ministry of Energy of the Russian Federation has prepared a draft resolution on holding tenders for the construction of hydroelectric power stations and pumped storage power plants and concluding power supply agreements (PDAs) with investors based on the criterion of a minimum single-rate price for electricity and capacity. Commissioning of the facilities is planned after January 1, 2030.

The dealer holding "SP Business Car", controlled by Toyota, filed a lawsuit in the Moscow Arbitration Court against Toyota Tsusho Corporation and Toyota Tsuse Rus demanding to stop interfering with the supply of Toyota and Lexus cars and auto components to Russia, as well as to recover 375 million rubles for damages and recognition of the debt as terminated.

International energy trader Gunvor changes its name to Centalion and transfers its registration from Cyprus to Singapore. The company, which became completely employee-owned, previously refused to purchase Lukoil assets after threats from the US Treasury.