Fuel maneuvers raised prices – Kommersant FM
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Gasoline and diesel prices have gone up again. In particular, diesel prices immediately rose by almost 6%, according to data from the St. Petersburg Exchange. Prices began to rise against the backdrop of a report from Kommersant that the authorities are ready to partially lift the ban on the export of petroleum products. The government may make such a decision as early as October 4.
According to the publication, this is due to the problem of overcrowded Transneft storage facilities. It is assumed that companies will be allowed to supply diesel fuel through pipelines. Moreover, export volumes may be subject to quotas to avoid surges in wholesale prices. At the same time, the ban on gasoline supplies abroad will remain in force for now.
The government is moving to ease the restrictions introduced just two weeks ago so that refineries do not reduce their load, explained Alexander Pasechnik, head of the analytical department of the National Energy Security Fund:
“The ban was introduced to curb the market. Prices, especially stock prices, rose to record levels. And the ban was conditionally indefinite on both gasoline and diesel for all exporters, that is, there was no selectivity. A few weeks later we see that the situation has improved, the domestic market is cooling down. The reason is not only the export ban. There are seasonal factors: the end of the harvest period, the transition to winter diesel. And in general, it is believed that the demand for fuel in Russia in winter is lower than in summer.”
During the export ban, the cost of diesel fuel decreased by a quarter. On Tuesday, raw material quotes on the St. Petersburg Exchange came very close to the mark of 54 thousand rubles. per ton. But in retail at gas stations, the changes are barely noticeable. Consumers will see the effect of lifting the bans only in a few months, explained Sergei Kondratiev, deputy head of the economic department of the Institute of Energy and Finance:
“In recent months, about 0.9-1 million tons of diesel fuel per month have been exported via pipelines – this is about 30% of all Russian commercial diesel exports, so the change in the situation related to the export ban is not radical. The second point: in fact, we have very serious lags in price changes in the retail and wholesale markets. The wholesale market reacts to bans, changes in regulation very quickly, but the retail market with a lag of one and a half to two months, because this fuel must be purchased and delivered to gas stations.
I think that a decision to lift the ban on gasoline exports is unlikely to happen soon. The market for this type of fuel is experiencing more problems. In fact, about 10-12% of all gasoline produced was exported, so here, probably, the situation with a possible surplus is more remote.”
It is not yet clear what measures the government will take to stabilize fuel prices after the lifting of export restrictions. The key mechanism is the damper. However, as Kommersant writes, the adjustment of its parameters has not yet been agreed upon with the Ministry of Finance. According to the publication’s interlocutors, it would be reasonable to announce the easing of the export ban in parallel with new damper measures.
Everything is clear with us – Telegram channel “Kommersant FM”.
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