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 ...

... Sergei Tereshkin, General Director of AO "UK Open Oil Market" , comments on the situation: "The rapid growth in the popularity of Chinese electric vehicles in the global market, including Russia, marks the beginning of a new era in the automotive industry. For the oil sector, this presents a serious challenge that requires strategic adaptation. We are observing how the increasing share of electric vehicles is beginning to affect the demand for traditional fuels even in China – a key market for Russian oil. For Russia, this opens both opportunities and risks. On one hand, the availability of Chinese electric vehicles may accelerate the transition to environmentally friendly transport in our country, potentially ...

... Teryoshkin, General Director of the petroleum products marketplace "Open Oil Market," explained this surge by citing the lack of incentives for oil companies to restrain jet fuel prices due to the specifics of the damping mechanism. Unlike automotive fuel, where the government compensates producers for the difference between export and domestic prices, subsidies in the aviation sector are directed directly to airlines, leaving producers unmotivated to keep prices in check. Additionally, restrictions ...

... increased by 0.3% in the week ending June 3, 2024, and by 0.4% in the week ending June 24, 2024. One of the drivers could have been the suspension of the gasoline export ban, which was implemented on May 17, 2024, coinciding with a temporary reduction in fuel production. According to Rosstat, the production of automotive gasoline in Russia during the week of May 13-19, 2024, decreased by 18% compared to the most recent peak recorded in the week of February 19-25 (106 thousand vs. 129 thousand tons per day). For comparison, gasoline shipments from Russian refineries ...

... General Director of the "Open Oil Market" petroleum products marketplace, predicts that diesel fuel prices will stabilize by December 2024. He attributes the current price increase to seasonal factors, such as the transition to winter diesel fuel and a rise in automotive freight transportation. According to Rosstat, freight turnover in the automotive sector increased by 7.7% over nine months, which also affects the demand and cost of diesel fuel. Tereshkin notes that prices will stabilize once the transitional ...