the statement of the Ministry caused by the growing tensions on the market due to the recent growth of stock prices of automobile fuel. Many attribute this to a sudden shortage of gasoline due to the rapid increase in demand after the removal of quarantine restrictions. But in early July the deadline for action made by the energy Ministry and the Federal Antimonopoly service (FAS) decision on temporary decrease of standards of fuels sales on the stock exchange, who will return to pre-crisis levels.
“it is Noteworthy that already today with the availability of demand of the company traded on the stock exchange at or above the old standard for all petroleum products,” – said Deputy Minister of energy of Russia Pavel Sorokin.
According to the St. Petersburg international Mercantile exchange for the week from 17 to 23 June the largest oil companies sold 395,3 thousand tons of oil products, and average daily trading volume of gasoline for the week rose 1.6%.
Given the plans to increase production of oil products in July, we expect a comparable increase in sales of fuels on the exchange, said Sorokin. According to him, the growth of exchange’s turnover of fuels gradually will allow Russian oil refineries to improve their economic efficiency and gradually to reach a fully positive refining margin in July 2020. To date, shipments of motor gasoline of environmental class 5 in the domestic market in the last 7 days – from 17 to 23 June rose by +3.7% to 675,1 thousand tons, while exports for the same period decreased to 50.2 thousand tons.
In a statement, the Ministry also stressed that the return exchange standards will contribute to the current ban on the import of fuel, which also requires conservation, including due to the low level of demand at 10-15% below the June 2019. “The ban does not affect the situation with the provision of the regions. Oil suppliers, petrol stations and airports with fuel provided in full. Stocks in most regions exceed the standard rate in 10 days, and trade balances are kept at a level of 1.4 million tons”, – the document says.
earlier, the head of Department of regulation of fuel and energy complex and chemical industry FAS Armen Khanyan said that the service had initiated discussions on a possible lifting of the ban on the import of fuel to Russia or reduce its duration.
