MOSCOW (Pakistan Point News / Sputnik - 14th July, 2023) There is no deficit on the Russian gasoline market, and fuel production is gradually growing after the completion of the first wave of scheduled repairs at refineries, the Russian Energy Ministry said on Friday.
Gasoline prices in Russia hit historic highs in spring and early summer. Due to the price increase, the Russian Ministry of Energy and the Federal Anti-Monopoly Service (FAS) demanded that oil companies increase the sale of gasoline on the stock exchange.
"There is no deficit on the gasoline market, fuel production is gradually increasing after the first wave of scheduled repairs at refineries. The situation on the Russian fuel market is under control, with the demand on the domestic market fully covered by the supply," the ministry said while commenting on the current situation on the wholesale market.
The ministry of energy said that together with FAS they regularly monitor the situation, and developed projects to increase exchange sales of gasoline and diesel fuel from September 1, 2023 by one percentage point. Now companies are obliged to sell at least 12% of gasoline produced and 8.5% of diesel on the exchange.
"This measure is aimed at increasing supply on the domestic market and stabilizing prices," the ministry said.
The measures are being taken amid reports that the price of octane 92 gasoline hit another record on Thursday, exceeding 60,000 rubles ($664) per tonne for the first time ever.
