The Russian government is taking steps to stabilize wholesale fuel prices amid fluctuating market conditions, according to contemporary industry reporting. Deputy Prime Minister Alexander Novak shared insights on the matter during remarks at the Tyumen Industry and Energy Forum, highlighting that recent price movement had created a noticeable imbalance in the wholesale sector and that authorities are now seeking to restore balance across the market.
Novak explained that the market showed disproportionality in recent sessions, and the government is prepared to intervene to normalize wholesale pricing. He noted that gasoline prices have edged downward in two successive stock-market sessions, contributing to a broader trend of falling diesel costs as well. These shifts, he said, reflect the Cabinet of Ministers’ actions to stabilize the market during a period of global price pressure.
The deputy prime minister indicated that the state would consider more decisive measures if necessary. Initiatives already prepared by the Ministry of Energy are pending review by the Council of Ministers, with potential adoption on short notice should conditions demand it.
Novak added that in 2023 Russia is set to produce more fuel than in the previous year, even as the domestic market shows a less premium profile. He pointed to the global rise in petroleum product prices and ruble depreciation as underlying forces that can push export values higher. Yet the priority remains keeping domestic prices steady, a goal he attributed to vertically integrated oil companies that have the capacity to manage pricing without passing burden onto consumers.
In recent days, fuel stocks have moved lower, and prices at the St. Petersburg International Commodity and Raw Materials Exchange have dropped noticeably. AI-95 gasoline fell by 5.06 percent to 69,272 rubles per ton, while 92-grade gasoline slipped by 3.98 percent to 65.51 thousand rubles per ton. Summer diesel declined by 2.12 percent, landing at 73,447 rubles per ton. This marks the first diesel price decline since the end of August, a break from the previous pattern of daily price highs.
The easing in prices comes amid discussions about possible protective measures on exports of petroleum products, including a proposed export duty of 250 dollars per ton and the potential for a temporary ban on shipments abroad. Current taxation for light oil products sits at 6.4 dollars per ton, and the contemplated actions aim to shield the domestic market from sharper external shocks.
Rosstat reports that the average nationwide price for gasoline in the week of September 11 to 18 reached 55.65 rubles per liter, up 44 kopecks from the prior period. Within the same window, AI-92 rose by 39 kopecks to 51.41 rubles per liter, AI-95 by 47 kopecks to 56.24 rubles, and AI-98 by 52 kopecks to 67.89 rubles per liter. Diesel prices increased most, rising 1.32 rubles to 63.96 rubles per liter. Across Russia, 79 regions recorded higher gasoline prices, with Chechnya leading the way with a 5.5 percent increase and Tyva following at 3.2 percent. In major cities, Moscow and St. Petersburg saw smaller upticks of 0.5 percent and 0.2 percent, respectively. In the capital region, AI-92 ranged from 48.69 to 57.99 rubles per liter, AI-95 from 53.79 to 64.69 rubles, and AI-98 and higher from 63.39 to 74.99 rubles as market dynamics evolved.
Over the week, Russia’s production of gasoline declined by 0.6 percent, while diesel output dropped 4.5 percent, totaling 780.6 thousand tons and 1.572 million tons respectively. This production data offers context for the shifts seen in wholesale prices and the broader market strategy moving forward.