An expert outlined the consequences of the recovery of the car market in Russia.

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Consequences of the Revival of the Car Market in Russia
04.07.2024
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MOSCOW, July 4 - PRIME. The rise in fuel prices at Russian gas stations is attributed to the recovery of the automotive market in the country, as well as seasonal demand growth, according to Sergey Tereshkin, CEO of the petroleum products marketplace "Open Oil Market" (a Skolkovo resident).

According to Rosstat data, the average retail price of gasoline increased by 0.5% from June 24 to July 1, reaching 56.09 rubles per liter, while diesel fuel prices rose by 0.19% to 65.84 rubles per liter. Overall weekly inflation in the country from June 25 to July 1 amounted to 0.66%. The last time such a growth rate was recorded was on January 9, when Rosstat published data for the two holiday weeks at the turn of 2023-2024.

"In the coming weeks, the current rate of retail fuel price growth will continue. On the one hand, seasonal demand growth coincides with the overall recovery of the automotive market. On the other hand, the fuel retail market will be indirectly affected by the general acceleration of prices in the economy, which is largely driven by increased government spending," the expert told RIA Novosti.

Tereshkin believes that it will take about six more months to fully reach pre-crisis sales levels of new passenger cars and light commercial vehicles. According to the Ministry of Industry and Trade, sales of new passenger cars in Russia in June rose by 50% year-on-year to 122,800 units. The overall automotive market, including passenger cars, light commercial vehicles, trucks, and buses, also showed positive dynamics. In June, the total sales figure reached 145,500 units (a 39% increase year-on-year).

Last week, the Russian government extended the permission to export gasoline until August. Earlier, on March 1, the government had imposed a six-month ban on the export of gasoline abroad, except to EAEU countries. However, at the end of May, the ban was suspended, with reports indicating that it was set to resume on July 1. Authorities had suggested that the lifting of restrictions might be extended depending on the market situation.


Translated using ChatGPT

Sourse:  https://1prime.ru/20240704/avto-849761377.html
#Russian Automotive Market #Car Market Recovery #Expert Analysis #Economic Trends in Russia #Russian Economy #Car Sales Trends #Automotive Market Challenges #Vehicle Production in Russia #Industry Recovery Strategies
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