Illustrative photo
// Turmush
Since the beginning of March, the prices of major oil products on the St. Petersburg exchange have significantly increased, which is attributed to the negative geopolitical situation. At the same time, there are no signs of increased spring demand for oil products in Russia. This is reported by Interfax.
According to the St. Petersburg exchange, the price of Ai-92 according to the European index (used for calculating the fuel damper) rose by 6.5% on March 12 compared to March 2, reaching 64,108 rubles/ton. Ai-95 increased by 7% to 67,914 rubles/ton. Summer diesel fuel increased in price by 10% during the same period, reaching 62,359 rubles/ton, while interseasonal diesel rose by 12% to 62,698 rubles/ton.
The fuel market reports that there is no increase in demand for oil products in the country, which is related to weather conditions and snow cover that have delayed agricultural work. Additionally, the population is not showing activity in purchases at gas stations.
Experts conclude that the rise in prices on the exchange reflects overall uncertainty in global energy markets: the cost of oil products is rising, and the export of Russian fuel is increasing. At the same time, the spring sowing season will soon begin in Russia, along with scheduled repairs at oil refineries, which may lead to further increases in gasoline and diesel prices on the St. Petersburg exchange.
At the end of February, Deputy Prime Minister Alexander Novak stated that the situation with fuel in Russia is stable: "Production volumes allow us to meet not only current demand but also to accumulate reserves for increasing volumes before the season of heightened summer demand." He also noted that on January 31, the government lifted the ban on gasoline exports for oil companies to prevent the overstocking of capacities. The ban on the export of gasoline, diesel, and other types of fuel for non-producers has been extended until the end of July.
The spring increase in the consumption of oil products in Russia usually begins at the end of March and peaks in the summer. Last year, seasonal demand for fuel on the exchange began in the second half of March against the backdrop of warm weather and the start of repairs at oil refineries.
A damper mechanism for oil products operates in the country, aimed at protecting domestic prices from sharp fluctuations in international markets. The budget pays subsidies to oil companies to keep domestic fuel prices stable despite high export prices. If the difference between the export price and the legislative domestic price is positive, the state compensates the oil companies. Otherwise, the oil companies pay into the budget.
