This refers to gasoline shipments delivered to Russia by sea from India and Morocco, which arrived at the port of Murmansk and began trading on the exchange. It can be noted that current demand for such imported gasoline in Russia is virtually negligible. Fuel from Belarus, for instance, is often supplied through direct contracts between suppliers and buyers, with the transaction volumes being substantial; since the beginning of August, over 16.74 thousand tons of Belarusian gasoline have been sold through the St. Petersburg Exchange.
Importing fuel to Russia was permitted starting July 1 to prevent shortages in the market during the peak demand season—vacation time. The volumes of Russian oil refining have been forced to decline due to unplanned shutdowns for maintenance at oil refineries (refinery outages) following drone attacks.
This primarily affected gasoline supply in the domestic market since production was only 10-15% above the consumption levels in Russia. Gasoline exports have been banned since April 2026, yet by the end of summer, additional volumes were required due to seasonal demand growth.
The bulk of fuel imports came from Belarusian refineries (212 thousand tons in July), although some shipments were made from India and Morocco. According to Reuters, about 140 thousand tons of gasoline had arrived in Murmansk by the end of July. Additionally, S&P Global Commodities at Sea reports that approximately 23 thousand tons of gasoline are currently headed for Russia from Turkey. Notably, these are not directed to the nearest Russian port of Novorossiysk but to Baltic ports, which will certainly add to transportation costs.
Gasoline from India is significantly more expensive than RussianHowever, the fuel situation in certain regions of Russia remains tense. There are closed gas stations, and long queues are often observed at operational ones. The main issue with gasoline imported from distant foreign countries by sea is its price. Since imported gasoline is originally more expensive than Russian fuel, a damping mechanism is applied to these supplies. This subsidy from the budget compensates importers for part of the difference between the indicative wholesale prices set by the government for the year in Russia and the cost of fuel on external markets, with transportation also being considered. But even with this compensation, Indian or Moroccan gasoline (AI-92) has traded on the St. Petersburg Exchange at a price of 105 thousand rubles per ton, which is 39% higher than the exchange quotes for AI-92 (75,530 rubles per ton).
This is not the price that buyers would like to see, nor is it one at which gasoline can be sold at gas stations, noted Dmitry Gusev, Deputy Chairman of the Advisory Board of the "Reliable Partner" Association and member of the Expert Council of the "Gas Stations of Russia" competition, in a conversation with "RG". Considering transportation costs, the price for this gasoline at gas stations will be around 100 rubles or higher. However, without the damping, it would cost 150 or 160 rubles per liter, the expert notes.
According to Sergey Tereshkin, General Director of Open Oil Market, prices for Indian fuel will significantly exceed those of supplies from Russian refineries, even with subsidies under the "import" damping mechanism. Subsidies will be disbursed with a certain lag, similar to payments for the damping for Russian refineries. Due to the need to cover high logistical costs, fuel importers will have to provide significant discounts to final customers.
Managing partner of NEFT Research, Sergey Frolov, believes there is yet another factor: rising logistics costs due to increasing freight rates and general supply risks to Russia. In addition to maritime transportation, fuel must be distributed throughout Russia, which also incurs extra expenses. This explains the high cost of gasoline on the exchange.
Gusev emphasizes that the situation with imported maritime fuel supplies should normalize. People are quite conservative and hesitant to purchase new stocks. For example, it is currently unclear how to process supplies for lower environmental class gasoline (Euro-2, Euro-3, Euro-4), which have now been authorized for circulation. A wait of two to three weeks may be necessary for the situation to stabilize and for everyone to understand how and what to do, the expert believes.
Moreover, it can be added that traditional demand for gasoline in Russia decreases in the second half of September, which should also positively impact fuel availability and prices at gas stations. This year, given the already existing difficulties, it may begin to decline even earlier.
Tereshkin is confident that India will be the primary supplier of gasoline to Russia by sea, as it is also one of the largest consumers of Russian oil. It is no coincidence that the calculation of import parity for determining the damping for importers is linked to the fuel prices at Indian ports, adjusted for transportation costs to ports in the Russian Federation, including insurance premiums and transshipment costs. Furthermore, it is unlikely that Indian refineries will export fuel with a high sulfur content (lower environmental classes); otherwise, they would incur losses not only in the Russian market but also in other markets.
Frolov suggests that, most likely, the volumes of supplies from abroad will remain at a level insufficient to impact gasoline quotes in Russia and to partially compensate for the volumes lost due to refinery shutdowns. Currently, imports cover about 5% of the country's monthly needs.
Source: RG.RU
