... adjust the supply-demand ratio in the global oil market. Fuel Market in Russia. The effect of the August ban on gasoline exports in Russia and subsequent government actions (lifting or prolonging restrictions past August 31) will impact both domestic fuel prices and available export volumes from Russia. Investors and traders will assess whether retail prices in the country have stabilized, and whether the restrictions will lead to shortages or, conversely, to excess gasoline supply in the domestic market.

... 25% since early June. Although prices are significantly lower than last fall's peak levels, those levels were considered crisis-driven. In September last year, the government halved the damper payments (compensations to oil companies for selling fuel domestically at prices below export levels). This led to wholesale prices exceeding the threshold for damper payments. Retail prices did not react immediately, and by October, full damper payments were restored, preventing gas station prices from responding to the peak. This year,...

... between higher duties on oil and lower duties on petroleum products: for example, duties on automotive gasoline and diesel fuel were 30% of the duty on oil. The difference in duty levels stimulated the export of oil products (mazut, gasoline, diesel fuel) instead of the export of crude oil. Oil companies refined more expensive oil into cheaper mazut and then exported it, leading to losses in budget revenue from export duties. Since 2017, duties on mazut have been aligned with those on oil. This was intended to stimulate ...

... current fluctuations fit into the "10-20" formula, according to which oil companies lose their right to receive subsidies from the budget under the price damping mechanism (compensating oil companies for part of the lost profit from supplying fuel to the domestic market at lower prices than export prices) if the average monthly gasoline prices exceed the internal price by 10%, and diesel prices exceed 20%. The upper limit for the stock price of gasoline is 64,515 rubles per ton (measured according to AI-92 quotes). On November 18, 2024, ...

... market, which historically has had a significantly lower surplus of production capacity compared to the diesel market. This can be seen in the share of exports in the structure of fuel deliveries from Russian refineries: until 2022, the share of diesel fuel exports was about 50%, but since then, it has dropped to 40% (due to increased demand from heavy machinery in Russia), while the share of gasoline exports never exceeded 15%. Therefore, the gasoline market is more sensitive to production reductions than ...