MOSCOW, April 7 (Xinhua) -- The global inflationary pressure will increase amid the situation in the Persian Gulf, Russian Prime Minister Mikhail Mishustin said Tuesday.
"Oil prices have risen by several tens of percent, while gas prices have risen even more sharply, almost doubling, in both Asia and Europe. All of this has led to major imbalances in global trade," Mishustin said.
At the opening of a strategic session on the development of the fuel and energy complex, he noted that a number of countries have been forced to restrict exports to protect their domestic markets and the interests of their consumers.
Mishustin pointed out that prices for gasoline and diesel, as well as jet and marine fuel, are rising worldwide. This will affect related industries and sectors such as transport services, logistics and electricity, pushing up industrial production costs, with the impact spreading far beyond the international fuel and energy sector alone, he said.
Restoring operations, infrastructure and cargo transport routes in the Persian Gulf region will require substantial time and investment, which has already affected rates, he said.
"Protecting the domestic market remains our top priority. We must prevent the external price shock from being passed on to Russian consumers. We must ensure reliable supply and a stable balance," Mishustin said, noting that certain mechanisms are already in place toward those ends.
"In times of turbulence, the global market turns back to Russia as a reliable supplier. And this applies not only to oil and gas," the prime minister said.
"Our country has the potential to increase its exports of resources that are currently in short supply due to the Middle East crisis -- or that may become so in the near future, including food," he said.
Mishustin also noted that Russia must continue to develop its fuel and energy complex and other economic sectors, while analyzing the implications of ongoing global developments. ■