Russian Prime Minister Dmitry Medvedev signed a government decree, which approved an agreement between the authorities and oil companies to stabilize the fuel market.

"I have just signed a decree on an agreement between federal executive authorities and economic entities. Based on this decree, the Energy Ministry and the Antimonopoly service are charged with concluding an agreement on economic stabilization and development of the domestic market of oil products," Medvedev told reporters on Wednesday. He noted that a preliminary agreement between the authorities and oil companies already exists.

Medvedev added that the government will monitor implementation of the agreement.

"If I see that these agreements do not work, or in become blurred, it doesn’t matter which company will do it, in the end it will still be seen in prices … because ultimately it is the price that worries consumers. Then we will have to make a decision - sign a decree on introducing prohibitive export duties. However, I hope that this will not happen and the agreement will be properly implemented," Medvedev said.