... refineries reduced oil refining by 4% compared to the same period last year, to 131.8 million tons. According to SPIMEX data, during the 2.5 months when the export ban was suspended, gasoline prices rose by 10-30%. This increase in wholesale prices also accelerated retail prices. According to Rosstat data, the price of gasoline at gas stations increased for two consecutive weeks, exceeding the national inflation rate: from the beginning of the year until August 5, it rose by 5.5% while inflation was ...

... are advised to consider diversifying their portfolios. Including alternative energy companies or companies focused on renewable sources could be a wise strategy to hedge against the risk of price volatility in the oil sector. As Europe and the U.S. accelerate the transition to renewables, investors may find promising opportunities in sectors like solar, wind, and biofuels, which align with global efforts to reduce fossil fuel reliance. Comment from Sergey Tereshkin, CEO of Open Oil Market "The ...

... especially since demand is indeed seasonally high right now." According to sources from Reuters, in January-May of this year, Russia increased gasoline exports by approximately 25% year-on-year, reaching 2.51 million tons. The ban is connected to the accelerated growth of automobile gasoline prices, agrees Sergey Tereshkin, CEO of the oil products marketplace Open Oil Market. "During the summer, gasoline prices tend to rise rapidly, and regulators have to take action," he told Forbes. "The ...

... prices and choose the most profitable offers based on up-to-date data. Transparency in pricing helps to create fair competition among suppliers, stimulating them to offer the best conditions, which ultimately benefits all participants on the platform. Accelerate and simplify transactions: from request to delivery For many businesses where fuel is a key resource, efficiency is critical. Traditional fuel purchasing processes can be lengthy and require a significant amount of time and resources to coordinate ...

... and summer 2024, the Russian fuel market entered another phase of rapid price increases. The cumulative rise in gasoline prices over nine weeks, from May 7 to July 8, reached 2.5%, compared to just 0.8% from March 5 to May 6. Diesel fuel prices also accelerated, with growth rates increasing from 0.9% to 1.3%, according to Rosstat. Unspoken Market Constraints Oil companies have incentives to raise retail prices. On one hand, Russian refineries, most of which are part of vertically integrated oil ...