Further cut in jet fuel prices to result in reduction in its consumption: Minister of Energy

ASTANA. January 22. KAZINFORM /Zauresh Balkenova/ Minister of Energy and Mineral Recourses Sauat Mynbayev considers that further lowering of prices for jet fuel may lead to reduction in its consumption on the domestic market, Kazinform reports.

?In 2008 we witnessed significant fluctuation of jet fuel prices on Kazakhstan market. But in December it comprised in average USD 507.2 per ton having exceeded the European indices by USD 41.8?, the Minister said. Alongside he noted that this figure is quite higher on the Russian markets. ?Therefore, in the present conditions this is not an easy task to lower the prices?, he said. ?In one year we have reduced import of Russian fuel by 20%. So, further price cutting may lead just to reduction in volume of its consumption?, S. Mynbayev stressed. In 2007 growth of jet fuel production in Kazakhstan made 54.2%. But the country cannot satisfy its need in fuel with its own production. Therefore it has to import 30% of fuel from the Russian Federation. In 2007 import of Russian fuel comprised 50%.