In February 2024, gasoline at Russian gas stations will cost 55-56 rubles per liter, and diesel fuel will cost 65-66 rubles per liter. This forecast was given to socialbites.ca by Candidate of Economic Sciences, Associate Professor at the Department of Corporate Governance and Innovation at the Russian University of Economics. GV Plekhanov Evgeny Genkin.
“Lessons need to be learned from the shortages and price increases experienced in different regions of Russia in September-October 2023. In this context, fuel prices can be expected to remain within the inflation range. At the beginning of 2024, it is important to take into account two key factors: the difficult geopolitical situation and the upcoming presidential elections. These two factors act in different directions, but they need to balance each other,” explained the economist.
He added that the Russian government has wide room for maneuver to control the level of fuel prices in the country, including changes in tax duties, dampening and compensation mechanisms for oil workers.
According to Rosstat, average consumer prices for gasoline in Russia from December 11 to 18, 2023 increased by 2 kopecks to 54.52 rubles per liter. The price of gasoline “92” and “95” increased by 1 kopeck, to 50.15 rubles per liter and an average of 54.75 rubles, respectively. The average price of diesel fuel increased by 4 kopecks to 64.37 rubles.
Fuel market expert Anastasia Bunina predicted a drop in prices at Russian gas stations in November 2023, but expressed doubts that this would also be possible in winter. On September 21, 2023, the Russian government banned the export of gasoline and diesel fuel due to the sharp increase in their prices and shortage in certain regions of the country. The ban was lifted on November 17.
The cost of winter diesel on the stock exchange before fallen by almost 6%.