9 Feb 2024 10:09

Russian gasoline exports fall by third in Feb, oil product reserves high

MOSCOW. Feb 9 (Interfax) - Market demand for fuel in exchange trading is being steadily met, gasoline exports have fallen by more than a third from last February and reserves of gasoline and diesel fuel in Russia remain steadily high, the government said in a press release posted on its website following a meeting on the situation on the domestic oil product market held by Deputy Prime Minister Alexander Novak.

The meeting was attended by senior executives of oil companies and representatives of the Energy Ministry, Federal Antimonopoly Service (FAS), Agriculture Ministry, Russian Railways (RZD) and St. Petersburg International Mercantile Exchange (SPIMEX).

"Shipments of diesel fuel to the domestic market have increased compared to February last year and production of its winter type has risen compared to February 2023. Prices for gasoline and diesel fuel on the retail market remain stable," the press release said.

Novak instructed oil companies and the Energy Ministry to agree on a schedule for oil refinery maintenance so as to meet fuel demand at the start of spring planting and the high season for automobile transport.

He also instructed the Energy Ministry, FAS and SPIMEX to continue efforts to combat violations in exchange trading, including the use of trading bots.

"It is necessary to form fuel reserves for balancing the market during the period of higher spring-summer demand from drivers, farmers and other consumers. I ask that you make sure that fair market price levels and sale volumes for fuel are maintained on the exchange and at filling stations," Novak said.