Energy ministry calling on fuel traders to observe price corridor

The Ukrainian Energy and Coal Industry Ministry has informed that petrol and diesel fuel stocks as of early 2011 are adequate: 300,000-400,000 tonnes, which is equal to total monthly fuel consumption in winter period.

"We should note that all stocks were formed in October-November 2010 by market players, before higher excise duties took effect," said the director of the oil, gas and crude processing industry department at the ministry, Kostiantyn Borodin.

He said that the secretariat of the expert and analytical group for the functioning of the oil and fuel markets and development of the oil processing industry at the Ukrainian cabinet would now take into account the new excise duties when calculating the price corridor in the last ten days of January, and that market players had been informed on this in advance.