Fuel prices are rising again in Russia

Following the increase in wholesale prices for gasoline and diesel fuel, after a three-month pause, retail prices began to rise. The cost of a liter of AI-95 just last week increased by an average of 15 kopecks across the country. This is due to the increase in excise taxes and the attractiveness of exports; experts expect that by the beginning of September, fuel prices in Russia will increase by an average of 5%. The oil workers themselves talk about “restoring justice” after the spring decline in wholesale prices.

Photo: Ivan Volonikhin, Kommersant / buy photo

According to data from the Central Dispatch Department of the Fuel and Energy Complex, retail prices for AI-95 gasoline at Russian gas stations last week increased on average by 15 kopecks, to 31.24 rubles. per liter Diesel fuel has also risen in price - but on average only by 3 kopecks, to 33.84 rubles. per liter In general, since the beginning of the year, the average price in Russia for AI-92 has increased by 40 kopecks, AI-95 - by 60 kopecks, for winter diesel fuel - by 2.49 rubles, and for summer diesel fuel - by 2.21 rub. per liter

An increase in prices was observed in all regions of the North-Western, Southern, Volga and Ural districts and in almost all subjects of the Central and North Caucasus districts. In some regions, the price per liter of AI-95 jumped by 50 kopecks over the week. An increase in prices for all types of motor fuel was also recorded in Moscow.

Maxim Nazarov from Reuters associates the increase in the cost of petroleum products in the retail segment with a jump in wholesale prices. He recalls that “wholesale prices soared at the beginning of the month, after excise taxes on fuel of the Euro-4 and Euro-5 classes increased from July 1 (by 400 and 607 rubles per ton, respectively).” In addition, the attractiveness of exports has increased, since in early July, when current prices were being formed, there was a sharp jump in world oil prices. The price of a barrel of Urals oil then rose from $99.9 to $110.8. At the same time, at the end of June - beginning of July, the dollar strengthened noticeably against the ruble.

According to the expert, the price of gasoline was also negatively affected by the lack of fuel reserves among buyers (owners of oil depots and gas station networks), who, during the market decline in April-June, made a large number of small transactions in order to take advantage of the constant decrease in the price of gasoline. “After the increase in excise taxes, the market revived sharply, the price of fuel jumped, first at wholesale (since the beginning of July, the price per ton of AI-95 at many refineries increased by 17%, to 5 thousand rubles), and then at retail,” says Mr. Nazarov.

Meanwhile, wholesale prices continue to rise. According to the information and analytical center "Cortes", last week the cost of all types of gasoline increased. The price of AI-92 showed the greatest increase: a ton of this type of fuel in wholesale rose by 1 thousand rubles - up to 30.4 thousand rubles. According to Mr. Nazarov, the rate of price growth in retail will not exceed growth in large wholesale. “We should expect a gradual increase in cost by an average of 5% until the end of August - beginning of September, but the price will not increase by more than 1 ruble per month, since during the period of falling wholesale prices, retail prices did not fall,” he predicts.

A Kommersant source at one of the oil companies explains the sharp increase in fuel prices by seasonal demand and recalls that when wholesale prices for petroleum products gradually decreased since April, “companies sometimes had to trade at a loss.” Now, he says, the market is “restoring justice.”

Anna Solodovnikova

Oil workers warmed up the market