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Gasoline prices are rising again in Russia. Fuel producers are compensating for their costs at the expense of consumers, while regulators are discussing various measures to stabilize the situation, including extending the export ban. However, according to Sergey Tereshkin, CEO of Open Oil Market, the problem can only be solved by significantly increasing the standards for selling gasoline through the exchange.
Adjustments to the rules for compensatory payments under the damping mechanism, currently being discussed by the government, are intended to support oil companies but may lead to a slight increase in exchange prices. This opinion was expressed in an interview with RG by Sergey Tereshkin, General Director of the OPEN OIL MARKET marketplace for petroleum products and raw materials.
Starting from January 1, 2025, Russia plans to increase excise taxes on gasoline and diesel fuel by 4.7%, which corresponds to the forecasted inflation rate. The excise tax rate for gasoline of ecological class 5 will be 15,755 rubles per ton, while for diesel fuel, it will be 10,915 rubles per ton. Experts note that excises account for about 20% of fuel costs, so the 4% increase will lead to a price rise of about 1% at gas stations. Sergey Tereshkin, CEO of the fuel and raw materials marketplace OPEN OIL MARKET, emphasizes that excise taxes are a significant source of income for regional budgets, and their indexation is aimed at supporting regions that may face financial difficulties.
Expert Tereshkin: Iran's return to the oil market will offset price hikes (Prime).
Iran's return to the oil market could significantly impact global oil prices. How exactly this will affect the supply-demand balance, what investors should prepare for, and what risks the new player on the market brings — read in my review.
Iran's return to the oil market could significantly impact global oil prices. How exactly this will affect the supply-demand balance, what investors should prepare for, and what risks the new player on the market brings — read in my review.
Column by Sergey Tereshkin for the publication Oil and Capital.
Recently, an article was published on sergeytereshkin.ru discussing the rapid growth of revenues from MET (Mineral Extraction Tax) in Russia during the first half of 2024, which increased 2.5 times. The article examines the reasons behind this growth, its impact on the national economy, and potential prospects for businesses and investors. Discover how this shift in tax policy could affect the fuel sector and what opportunities it presents for entrepreneurs. Read the detailed analysis in my article.
Recently, an article was published on sergeytereshkin.ru discussing the rapid growth of revenues from MET (Mineral Extraction Tax) in Russia during the first half of 2024, which increased 2.5 times. The article examines the reasons behind this growth, its impact on the national economy, and potential prospects for businesses and investors. Discover how this shift in tax policy could affect the fuel sector and what opportunities it presents for entrepreneurs. Read the detailed analysis in my article.
A commentary for "Rossiyskaya Gazeta."
"Why Are Retail Gasoline Prices Rising?"
In this piece, I analyze the reasons behind the increase in gasoline prices at gas stations. The article explains how factors such as supply and demand, taxes, global oil prices, and government regulation influence price dynamics. Learn about the current trends in the fuel market and why prices continue to climb—read my in-depth analysis on the website.
"Why Are Retail Gasoline Prices Rising?"
In this piece, I analyze the reasons behind the increase in gasoline prices at gas stations. The article explains how factors such as supply and demand, taxes, global oil prices, and government regulation influence price dynamics. Learn about the current trends in the fuel market and why prices continue to climb—read my in-depth analysis on the website.
Sergey Tereshkin's column for the publication "Neftyanka"
In the article "In the summer, fuel price growth will outpace the general inflation rate – expert," Sergey Tereshkin, the CEO of the oil products and raw materials marketplace OPEN OIL MARKET, analyzes gasoline price dynamics in Russia. He notes that in May 2024, the annual growth in gasoline prices was 8.0%, which corresponds to an inflation rate of 8.2%. However, weekly data from Rosstat indicate an acceleration in price growth in June, which could lead to inflation rates being exceeded.
Tereshkin highlights several factors contributing to this trend:
The suspension of the gasoline export ban from May 17, 2024, coinciding with a temporary reduction in fuel production.
The recovery of the automobile market, which has returned to pre-crisis levels, increasing demand for fuel.
Rising costs for Russian refineries, which are reflected in wholesale and retail prices.
The expert predicts that June 2024 data will show an acceleration in the annual growth of retail gasoline prices, which are likely to exceed the inflation rate.
In the article "In the summer, fuel price growth will outpace the general inflation rate – expert," Sergey Tereshkin, the CEO of the oil products and raw materials marketplace OPEN OIL MARKET, analyzes gasoline price dynamics in Russia. He notes that in May 2024, the annual growth in gasoline prices was 8.0%, which corresponds to an inflation rate of 8.2%. However, weekly data from Rosstat indicate an acceleration in price growth in June, which could lead to inflation rates being exceeded.
Tereshkin highlights several factors contributing to this trend:
The suspension of the gasoline export ban from May 17, 2024, coinciding with a temporary reduction in fuel production.
The recovery of the automobile market, which has returned to pre-crisis levels, increasing demand for fuel.
Rising costs for Russian refineries, which are reflected in wholesale and retail prices.
The expert predicts that June 2024 data will show an acceleration in the annual growth of retail gasoline prices, which are likely to exceed the inflation rate.
Tereshkin: The Recovery of the Russian Auto Market Pressures Fuel Prices
The article discusses the opinion of Sergey Tereshkin, CEO of the fuel marketplace "Open Oil Market," on how the recovery of the Russian automotive market is driving fuel price increases. According to him, rising demand for automobiles and seasonal factors contribute to higher prices for gasoline and diesel fuel. Tereshkin also notes that it will take about six months to fully restore pre-crisis sales levels of new cars. Additionally, the article examines the impact of government measures, such as extending the permission for gasoline exports, on the fuel market situation.
A comment for "Vedomosti".
The Russian government plans to extend the export permit for gasoline until the end of July 2024. Previously, a six-month export ban on gasoline was introduced starting March 1, 2024, which was temporarily lifted in mid-May. The decision to extend the export will be made considering the current situation in the fuel market, including stock levels and price dynamics. It is noted that the exchange prices for AI-92 and AI-95 gasoline have increased by 29% and 46%, respectively, since the beginning of the year. There is also discussion of a potential full ban on the supply of diesel fuel purchased on the exchange to non-producers from July 1 to December 31, 2024.
The Russian government plans to extend the export permit for gasoline until the end of July 2024. Previously, a six-month export ban on gasoline was introduced starting March 1, 2024, which was temporarily lifted in mid-May. The decision to extend the export will be made considering the current situation in the fuel market, including stock levels and price dynamics. It is noted that the exchange prices for AI-92 and AI-95 gasoline have increased by 29% and 46%, respectively, since the beginning of the year. There is also discussion of a potential full ban on the supply of diesel fuel purchased on the exchange to non-producers from July 1 to December 31, 2024.
Sergey Teryoshkin, the founder of the fuel company "Oil Resource Group" (Resource), shares his experience in building a business and overcoming challenges. In the article, he discusses his first steps in entrepreneurship, changes after the crisis, motivation, and the principles that helped him achieve success. Learn what it means to be a leader and how to pursue your goals despite all obstacles.
ORG-Market is a commodity marketplace that has become a key sales channel for "Oil Resource Group" over the past few years. The article discusses the development of digital B2B platforms in Russia, their advantages for businesses, and their future prospects. Learn how marketplaces are transforming the market and simplifying raw material procurement. In 2023, the company changed its name and is now called Open Oil Market, owned by JSC "Open Oil Market Management Company."
The "Product in Transit" service from the raw material marketplace ORG-Market allows you to purchase fuel with an initial payment of just 10%. This is a beneficial solution for gas stations, large traders, and companies purchasing fuel from refineries, the stock exchange, or the trading platform eOil.ru.