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Russia Gasoline Markets Stabilise After Government Measures: Tass

OIL PRODUCTS

The Russian Energy Ministry says the wholesale and retail domestic motor fuel market has stabilised and the trend is expected to remain long-term after the measures taken by the government in September and October according to Tass.

  • Motor fuel inventories have risen to more than 5m tons to drive a decline in wholesale prices for all types of fuel, the ministry stated.
  • "Prices are declining for all types of motor fuels, and for summer diesel fuel, exchange prices have dropped from September peaks to this spring levels - by almost 25%. It is the steady decline in prices, the formation of inventories and the saturation of the domestic market that made it possible to lift most of the export bans introduced in September," the ministry added.
  • Average consumer gasoline prices for gasoline fell 1.6% in Oct compared to the previous month according to the Federal Statistics Service while wholesale prices dropped by 20%.
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