Gasoline shipments to Russia's domestic market 3% higher than 2023, diesel fuel 7% higher, no danger of rise in retail prices - Energy Ministry

MOSCOW. Oct 22 (Interfax) - Shipments of gasoline to the domestic market are currently 3% higher than a year ago and diesel fuel shipments are 7% higher, head of the Russian Energy Ministry's oil and gas complex department Anton Rubtsov said during a roundtable meeting at the Federation Council.

"Shipments of gasoline to the domestic market compared to last year have increased 3% and [have increased] almost 7% for diesel fuel. Taking into account the decisions taken [on banning exports], a significant portion is sold through the exchange. Sales of motor fuel and all types of petroleum products on the exchange have increased by around 23% year-on-year in nine months of 2024. Diesel fuel has seen the biggest growth after decisions were taken to raise the sales thresholds," he said.

The level of gasoline remaining at oil depots is 2% higher in total compared to last year, while for diesel fuel the level is 5% higher, he said.

Retail prices are very close to the level of inflation, while margins for gas stations remain at a good level, so there is no need to worry about pressure on retail prices, he said.

"In terms of important areas of work it's important for us to ensure the rhythmic nature not only of production, but also of shipments and deliveries. Based on this approach, there is extensive work being done with the support of the Russian Transport Ministry and RZD [Russian Railways] to ensure that petroleum products are shipped quickly, without bottlenecks. This is beneficial to everyone, and we see its impact on exchange prices," he said.

The modernization program is continuing despite problems, he said. "This allows us to additionally ensure production of motor fuels. Not only production, but also an increase in productive potential is important," he said, noting the surge in demand pressure due to refineries undergoing repairs.

The current situation "with both prices and volumes that are sold in the wholesale segment is stable; there are no issues with supplies or prices for agricultural producers," the head of the Russian Antimonopoly Service's department for regulating the fuel and energy complex and the chemical industry Elena Tsyshevskaya said.

Sales on the exchange exceed the established thresholds, she said, with gasoline sales over 20% compared to the minimum of 15% and diesel sales at 18-20% compared to the minimum of 16%. "Everything is going well in this segment," she said.