Gasoline export from Russia banned again after price increase by tens of percent
The Russian government has once again banned gasoline export as gasoline prices in the wholesale market have skyrocketed by tens of percent since the beginning of 2024 and the deficit of the Ai-95 mark has emerged.
Source: The Moscow Times
Details: Since the beginning of June, wholesale prices on the Ai-95 gasoline in Russia have skyrocketed by 44%, surpassing 70 roubles per tonne (US$800). A chronic deficit of this gasoline in the market has been observed.
The price of Ai-92 at the St. Petersburg stock exchange has increased by 23% and came close to the record-breaking prices of autumn 2023 when the petrol crisis amid harvest collection began in Russia.
Reportedly, the ban of export, which was implemented on 1 March 2024 and then cancelled at the end of May, will be resumed on 1 August.
After a series of Ukrainian strikes on the largest Russian oil refineries, the volume of oil processing in June plummeted to a two-year minimum. The production of gasoline, as reported by the Russian statistics service Rosstat, dropped by 20% from the end of December 2023 to the end of May 2024, and the production of diesel fuel decreased by 11%.
The Russian government responded by classifying the statistics: since June, the Ministry of Energy of Russia has stopped publishing weekly operative information regarding fuel production, referring to the "geopolitical situation" and the necessity to protect the market from "manipulations".
Background:
- On 12-13 July at night the oil refinery in the Tsimliansk district in Rostov Oblast in Russia was set on fire by the drones of the Security Service of Ukraine (SSU).
- Gasoline prices in Russia have been increasing constantly since the beginning of June which is accelerating the pace of inflation.
- In May the revenues from oil sales to the Russian budget increased by almost 50% compared with 2023 since oil prices rose, and Russia adapted to the international sanctions.
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