Novak instructed the Ministry of Energy to coordinate the production of winter diesel fuel with companies

Deputy Prime Minister Alexander Novak instructed oil companies and the Ministry of Energy to agree on a schedule for the production of winter diesel fuel for the entire demand season by the end of March. The agency is also tasked with monitoring the situation with fuel pricing at gas stations in problem regions.

The instructions were given by Alexander Novak during meetings about the situation on the domestic petroleum products market with representatives of the Ministry of Energy and the Ministry of Agriculture. During the meeting, department officials announced the stabilization of fuel prices in the country and the absence of a shortage.

“In most regions, the planned reduction in the cost of gasoline and diesel fuel in the small wholesale segment continues in accordance with stock market dynamics,” the government said in a statement.

The message cites data from the Ministry of Energy, according to which, in November 2023, more winter diesel fuel was produced than in 10 months of 2022. It also notes that gasoline and diesel inventories are at high levels.

Wholesale gasoline prices have fallen 14% to 15% over the past month, back to where they were at the beginning of the year amid seasonally weaker demand, high production volumes and the fallout from the fall fuel embargo. On November 17 and 22, the ban on the export of gasoline and the export of summer diesel fuel was lifted. The embargo on the export of winter diesel fuel from Russia continues to be in force; prices for winter diesel fuel remain high. By December 8, the cost of winter diesel fuel on the St. Petersburg International Commodity and Raw Materials Exchange (SPIMEX) amounted to 69,231 rubles. per ton.

Read more in the Kommersant article. “The fuel froze until spring”.