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Earlier it was reported that the cost of gasoline AI-95 at the St. Petersburg international Mercantile exchange (SPIMEX) on 18 June rose to 57.3 thousand rubles per ton. From the beginning of June the stock price rose more than 10% since mid-April more than 50%.

In the energy growth associated with the fact that after a sharp drop in wholesale gasoline prices in March and April 2020, in may, there has been growth due to recovery in demand meant the lifting of quarantine measures.

“At the same retail prices for motor fuel have remained relatively stable throughout Russia. The growth rate of prices for gasoline and diesel fuel since the beginning of the year, below the rate of inflation of 0.4% and minus 0.4% respectively. Inflation from the beginning of the year amounted to 2,5%”, – is told in the Department message.

it Also emphasized that the shortage of fuel on the markets there. The production plans of the companies are fulfilled – in particular, just this week the production of motor gasoline increased by 6.8%, stocks refinery and GONGOs began to grow (+6.4% over the week), while sales on the stock exchange held on 27-28 thousand tons per day, which is above the approved standards.

Average daily production volume of motor gasoline in June 2020 (for 16 days) in comparison with may has grown on 28,7 %, while the shipment for domestic market increased by 40.9%, while the exports decreased in two times. The daily gasoline production in Russia has now reached more than 100 thousand tons per day, and the total level of gasoline production in June 2020 is planned at the level of June 2019, when demand was higher than this year. As a consequence, with the increase of production of motor gasoline inventories since the beginning of the month has grown for 16 days at +0.1 million tons to 1.4 million tonnes, including a positive effect on the recovery level of commercial stocks of fuel at the refinery and tank farms.

According to the energy Ministry in July 2020, the economic efficiency of oil processing and realization of motor fuel on the domestic market will continue to improve. This is due to an increase in export duties on oil since July 1, 2020, to 29.5 dollars per ton (about 2.1 thousand), respectively, an increase of the customs, subsidies and return of excise duty on raw materials for oil refineries. The expected restoration of refinery margins in Europe (a key export market) will reduce the “negative damping”, which is currently included in the wholesale refinery price and paid by analogy with excise tax.

Therefore, despite current price volatility in the wholesale segment, the risk of growth of retail prices at a rate exceeding the rate of inflation, is missing, the statement said.