Azerbaijan increases motor gas production 10% in Q1

BAKU. April 15 (Interfax) - Production of petroleum products in Azerbaijan increased 5.4% YoY in monetary terms in January-March 2024 to 1.275 billion manat (about $750 million at the current exchange rate), the State Statistics Committee told Interfax.

Production of motor gasoline reached 384,100 tonnes (a 9.9% increase) in January-March, gas oil production totaled 599,800 tonnes (a 7.8% increase), jet fuel totaled 159,600 tonnes (a 16.9% increase), and petroleum bitumen production reached 51,400 tonnes (a 29.8% increase).

There was a 5.8% reduction in lubricating oil production in Q1 to 14,500 tonnes, liquefied gas production decreased 15.8% to 59,600 tonnes, and petroleum coke dropped 4.7% to 61,100 tonnes.

There was no fuel oil production from January through March 2024.

Finished goods stocks at the Baku refinery's warehouses as of April 1 2024 consisted of: 64,900 tonnes of motor gas, 51,500 tonnes of jet fuel, 163,300 tonnes of gas oils (diesel fuel), 1,300 tonnes of fuel oil,4,300 tonnes of lubricating oils, 2,200 tonnes of liquefied gas, 13,800 tonnes of petroleum bitumen, and 41,600 tonnes of petroleum coke.

Motorists in Azerbaijan purchased motor gasoline and diesel fuel worth 730.6 million manat ($429.8 million at the current exchange rate - IF) in Q1, which is 12.1% more than the year before.

Income from motor gas and diesel fuel sales totaled 5.4% of the total volume of retail trade turnover in Azerbaijan during the reporting period.

Currently, one liter of Premium Euro-95 gasoline in the domestic market of Azerbaijan costs 2 manat at retail, whereas Super Euro-98 costs 2.3 manat, AI-92 costs 1 manat, and diesel fuel costs 0.8 manat.

Fuel consumers in Azerbaijan purchased gasoline and diesel worth over 3 billion manat ($1.8 billion at the current exchange rate) in 2023, 8.1% more than in 2022.

The official exchange rate as of April 15 is 1.7 manat/$1.