The price of AI-95 gasoline on the St. Petersburg International Commodity Exchange exceeded 60 thousand rubles per ton – the maximum since the end of September last year, when gasoline prices in Russia began to decline after the introduction of a temporary embargo on fuel exports.
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The Russian propaganda agency RBC writes that since March 1, the Russian Federation has once again introduced a ban on fuel exports, but gasoline on the stock exchange continues to rise in price. The price of automobile fuel is rising amid drone attacks on large refineries in Russia, as a result of which Russian plants are forced to suspend operations.
“Rakurs” wrote that the attacked Russian refineries account for 12% of Russia’s oil refining capacity.
On March 12, as a result of a drone attack, a fire occurred at an oil refinery near Nizhny Novgorod, and the next day UAVs hit the Ryazan and Novoshakhtinsky oil refineries. Previously, other Russian oil refineries were shut down for unscheduled repairs due to attacks and equipment failure. Repairs were reported at the Volgograd and Tuapse refineries. The Ilsky Refinery also stopped, but soon returned to normal operation.
RBC’s source on the Russian fuel market believes that so far the rise in exchange prices for gasoline is caused only by concerns about the balance of supply and demand amid the suspension of refinery operations. However, the scale of damage caused to enterprises is unclear. If it turns out that primary oil refining installations are damaged, then the production of not only gasoline of various brands, but also diesel fuel will be reduced, he noted.
The situation for the market is potentially serious, so buyers are insuring themselves when purchasing goods,” the source explained.
Meanwhile, the Ministry of Energy of the Russian Federation does not see risks of rising prices. They stated that the situation with the provision of fuel to the regions is stable.
In the retail segment, prices are stable and have not increased since the beginning of the year. The current level of wholesale prices on the stock exchange creates a comfortable level of profitability for stable prices at gas stations, regardless of short-term fluctuations in the wholesale market, the Russian department said in a statement.
Source: Racurs
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