Russia’s government and main oil firms have agreed how to curb a steep rise in domestic petrol prices, avoiding a prohibitive export duty on oil and oil products, Russian Deputy Prime Minister Dmitry Kozak said on Wednesday.

Under the deal, that will be in force from Nov, 1 until March, 31, oil firms will ramp up petrol and diesel supplies to the domestic market by 3 per cent per month versus the corresponding month in 2017.

The oil firms will be allowed to raise prices, frozen at the current level until the end of 2018, within the inflation rate in 2019.

The Deputy Prime Minister also said the average margin for retail sales was set at 2700 roubles (41.00 dollars) per tonne for petrol and diesel to ensure enough supplies. ($1 = 65.8590 roubles) (Reuters/NAN)