Russia Caps Retail Fuel Prices Until Election, Kommersant Says

Russia oil producers agreed to freeze retail prices for motor fuels at December levels until the March presidential election, Kommersant reported, citing unidentified company officials.

Deputy Prime Minister Igor Sechin ordered the companies to cap prices at a Jan. 10 meeting and promised unspecified compensation for any losses that result from the price ceiling, the Moscow-based newspaper said today.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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