A sharp increase in wholesale prices for fuel on the Russian stock exchange in June and July eroded the margins of retail operators, making their work unprofitable.
The Russian government has decided to ban the export of motor fuel in September and October, noted the First Deputy Minister of Energy of the Russian Federation, Pavel Sorokin. The Moscow Times writes about it on Wednesday, July 31.
It was noted that the ban on the export of diesel fuel is not yet necessary, however, the Russian authorities will work to limit the exports of companies that do not produce this type of fuel.
Sorokin explained the “principle decision” to limit exports through “insurance.”
A sharp increase in wholesale prices for fuel on the Russian stock exchange in June and July eroded the margins of retail operators, making their work unprofitable. At the end of July, there was a price drop in the wholesale sector against the background of the authorities’ plans to renew the ban on fuel exports from August.
At the same time, Sorokin assured Russians that the amount of fuel reserves in the Russian Federation is 1% higher than last year. Fuel exports from the Russian Federation in July decreased by 33%.
We wrote that the Russian government is returning the ban on the export of gasoline from the country, because prices on the wholesale market have increased by tens of percent since the beginning of the year, and a shortage of the AI-95 brand appeared.
Let’s recall that after a series of Ukrainian attacks on the largest Russian refineries, the volume of oil refining in June fell to a two-year low. Gasoline production decreased by 20% from the end of December 2023 to the end of May 2024, and diesel fuel production by 11%.
Since June, the Russian Ministry of Energy has stopped publishing weekly operational data on fuel production, citing the “geopolitical situation” and the need to protect the market from “manipulation.”
Source: korrespondent
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