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Russian Q1 Gasoline Exports Rose Around 50% YoY

OIL PRODUCTS

Russia boosted gasoline exports by nearly 50% year-on-year in the first quarter with increased shipments to Africa, ship tracking data showed.

  • Russia exported 1.9mn tons of gasoline in Jan-March this year, up from 1.3mn tons in the first quarter of 2022, data from Refinitiv showed.
  • Another ship tracker Kpler pegs January-March exports at 2.2 million tonnes, up from about 1.5 million tonnes in the same period last year.
  • Russia increased gasoline shipments to African countries such as Nigeria, Tunisia and Libya after the European Union banned Russian products on 5 Feb.
  • Africa imported record volumes of Russian gasoline in the first quarter at 812,000 tonnes, Kpler data showed.
  • The price cap on gasoline is more than twice the cap imposed on naphtha, making it more profitable Russian sellers to blend naphtha into gasoline and sell at $100/bbl rather than just $45/bbl, FGE said.
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