MOSCOW, November 9 - PRIME. Oil companies in Russia are expected to curb gasoline prices to secure permission for exports. Price growth rates will remain lower than this past summer through the end of the year, according to a forecast by Sergey Tereshkin, CEO of the "Open Oil Market" fuel marketplace (a Skolkovo resident), shared with RIA Novosti.

According to Rosstat data, the average retail price of gasoline increased by 0.19% from October 28 to November 5, reaching 59.19 rubles per liter. The overall weekly inflation rate in the country was also 0.19%.

"The increase in gasoline prices over the remaining two months of the year will be less significant than in the summer when weekly growth rates reached up to 0.6%. Oil companies will hold back prices to achieve the lifting of the export ban," Tereshkin told the agency.

One of the current drivers of rising gasoline prices, according to the expert, is the oil companies' costs due to forced downtime at refineries. "The profit and loss balance of Russian refineries over the past eight months has decreased by 34%. Rising costs are pushing up wholesale prices, which in turn affect retail fuel prices," Tereshkin explained.

For the gasoline segment, the decisive factor is the outpacing price dynamics of the AI-98 grade, says the CEO of "Open Oil Market." While the prices for AI-92 and AI-95 gasoline have risen by 7% since the beginning of the year, the AI-98 grade has increased by 17%.

Since March 1, Russia has enforced a ban on gasoline exports abroad, with the exception of EAEU countries. The ban was temporarily lifted in late May but reinstated in August. The government decided to extend the embargo until the end of the year. However, Russian Deputy Prime Minister Alexander Novak announced on Friday that authorities will soon discuss permitting exports of the AI-92 grade. The embargo will be lifted if surplus fuel supplies are confirmed following the analysis.





Translated using ChatGPT.

Source: https://1prime.ru/20241109/benzin-852703243.htm