Russia Modifies Fuel Exports and Prices Amid Market Interventions
Following government actions that limited fuel exports, gasoline and diesel prices moved lower on the stock market by more than 10 percent. The data originates from the St. Petersburg International Commodity and Raw Materials Exchange (SPbMTSE).
Arounded trade figure shows AI-95 at 59,362 rubles per ton, down 10.76 percent. AI-92 gasoline slipped to 55,925 rubles per ton, a decrease of 9.63 percent, while summer diesel fell to 61,431 rubles per ton, a drop of 14.52 percent.
On September 21, the government announced a temporary prohibition on exporting gasoline and diesel fuel. The duration of the restriction was not disclosed. Officials said the move aimed to stabilize domestic fuel prices and prevent sharp rises for consumers.
The cabinet stressed that the temporary measures would help saturate the fuel market and lower costs for end users. Earlier, authorities increased the supply standards to exchanges and instituted daily monitoring of fuel oil purchases to meet agricultural needs with rapid adjustments to volumes.
For the week ending September 18, Rosstat reported a rise in average gasoline prices across Russia. The range showed gains from September 11 to 18 with modest increases. AI-92 rose to 51.41 rubles per liter, AI-95 to 56.24 rubles, and AI-98 to 67.89 rubles per liter. Diesel saw the largest weekly increase, climbing to 63.96 rubles per liter, up 1.32 rubles.
Neft Dyukov, former Gazprom chairman, warned that protective duties could trigger supply shortages of gasoline and diesel, highlighting potential risks to the domestic market. [Citation: SPbMTSE]