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Russian gas price may increase to $90 by 2010

The price of natural gas in Russia may increase to as much as $90 by the end of the decade, more than double the current level, Economy Minister German Gref told reporters in Moscow yesterday

The average price of domestic gas will likely increase faster than envisaged in Russia's economic strategy, Gref said. The average price of gas in Russia is currently about $40. Russia caps gas prices to restrain inflation and subsidize industries and households. OAO Gazprom, Russia's natural gas export monopoly, sells the fuel for more than $200 per 1,000 cubic meters in western Europe. (Bloomberg)