The increase in gasoline and diesel costs at gas stations in the first week of March is related to the overall change in the consumer price index since the beginning of the year and the increase in wholesale prices due to seasonal increases in demand for fuel. Currently, the Ministry is monitoring the gas station market and is taking measures to keep the increase in gasoline and diesel prices close to inflation. This is according to a message from the Department of Energy cited by TASS.
Earlier, the Russian Statistical Office (Rosstat) reported that retail fuel prices rose at the beginning of March: the average retail price of AI-92 gasoline rose by 11 kopecks. -Up to 44.38 rubles, AI-95-11 kopecks. Overall, fuel prices rose by 0.3% in the first week of March, and the overall inflation rate was 0.2%.
The ministry added: “The Russian Ministry of Energy continues to regularly monitor the fuel market, including adequate supply and the final price maintained at a level close to inflation.” In order to maintain a stable consumer supply and maintain exchange trading volumes, the Russian government has advised oil companies Increase the load of the refinery to fully meet the growing demand of the domestic market. Among other things, this will be promoted by Russia’s agreement to increase production within the framework of the OPEC+ agreement.
Recall that on March 5, the ministers of OPEC+ member states unexpectedly refused to increase oil production by 500,000 barrels (barrels/day) in April, and Saudi Arabia set its own voluntary limit of 1 million barrels/day. It was extended for another month. , And promised to return these transactions to the market when appropriate. Russia and Kazakhstan have once again received exceptions to the rule. Due to the seasonal demand for petroleum products, Russia and Kazakhstan may start to increase production from April.
According to data from the Central Dispatching Office of the Fuel and Energy Consortium, as of March 9, 2021, Russia’s gasoline reserves increased by 2.2% from March 2 to 1.553 billion tons, and diesel fuel increased by 3.1% to 2.758 million tons. 88% of gasoline production is sold directly to the Russian market, and the remaining 12% is exported. 53.7% of the diesel volume goes to the Russian market, while foreign countries account for 44.3%.
The government recommends that Rosneft increase commercial gasoline inventories to 1.8 million tons by June 1, 2021. It also confirmed the proposal to increase gasoline reserves to 1.6-1.7 million tons by May 1. In addition, the cabinet recommended that oil workers increase the output of petroleum products in February 2021.
“In turn, the oil and gas companies are already maintaining a high level of fuel supply to the market. Their positive impact on the market in maintaining auto fuel sales on the exchange and reducing price pressure will soon prove to have passed on the oil and gas The amendment. The Department of Energy and the Federal Antimonopoly Service have jointly ordered to increase the minimum amount of gasoline sold on exchanges to 11% and the maximum amount of diesel to 7.5%,” the Department of Energy pointed out. Adjusting the parameters of the damping mechanism will also support the economic efficiency of refining and selling fuel at gas stations.