The exchange price of gasoline in Russia has updated the record for the second consecutive day

Growth in transport activity in the country and the economic recovery has caused demand for fuel and increase its cost. The exchange price of petrol has updated the historical record on Thursday 18 June for the second consecutive day.

If yesterday the ceiling value struck AI-95 after a record increase in the price of AI-92 last week, today the prices of AI-92 and AI-95 at the same time reached new highs for the first time in history.

the Price of gasoline AI-95 at the St. Petersburg international Mercantile exchange (SPIMEX) June 18, has reached the first level 57,314 thousand rubles per ton, according to trading on a national index (reflects the weighted average price of petroleum products to all major refineries in Russia).

Gasoline AI-92 has risen just 2%, to 50,722 thousand rubles per ton. If Ron 95 is more expensive by the same rate – 1% on daily basis, the growth rate of the cost of AI-92 has doubled. From the beginning of may, the beginning of the lifting of restrictions in the regions, AI-95 has risen in price by 17%, and AI—92 – on 10%.

Exchange rates will result in an increase in cost and retail, at gas stations. While prices at the gas station stable, according to CDU TEK.

prices at the gas station during isolation did not grow or symbolically dropped 0.2% and 3 times exceeded the prices of manufacturers of gasoline.

In General, due to quarantine in Russia decreased fuel consumption by 40-50%. This led to a decrease in the production of gasoline in Russia in April for the first time on 10%. But the issue of fuel rose sharply by 8% in may, as selling it to gas stations by 14%, from the data CDU TEK. The decrease in the production of fuel in the country started in early April, when the coronavirus has reached Russia. Reserves are allowed to cover the small demand for fuel, which resumed in late April after declining for three consecutive weeks.

As noted earlier, the causes of the rise in price of gasoline — damping mechanism, reducing the required volume of gasoline sales on the stock exchange and the ban of the import fuel into the country. These the restrictions were imposed on the quarantine period to support the oil companies.

gasoline Production in Russia will recover in June to the level seen in June last year. The exports of petroleum products will be reduced, and the supply of the domestic market will increase, said earlier the Ministry of energy.

Prices may slow the growth as soon as they lifted restrictions — mandatory sales on the exchange and supply of foreign fuel.

the Ratio of gasoline sales on the stock exchange is only reduced to 30 June — from 10% to 5% of total production of diesel fuel from 6% to 3%. The restriction of gasoline imports are also temporary — until October 1, 2020. These decisions were taken by the Russian government to support national oil companies due to the sharp decline in production of fuel in the country.

In Russia there is no direct reference to the price of oil to the price of automotive fuel, so now the imported fuel is cheaper than Russian. Budget formula eliminates the jump in the price of fuel if you change the price of oil. The thing in the damping mechanism of the budget: when the price of oil is high, oil companies keep the price of fuel in Russia and getting the extra budget for stable prices at the filling stations (a positive damper), and when the price of oil low, oil companies deduct the difference in the budget to curb fuel prices instead of reduce it (a negative damper). Russian oil companies in 2019 received from the budget for the containment of fuel prices 250-300 billion rubles. according to the Ministry of Finance.