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Energy Ministry expects long-term stabilization of fuel market in Russia

The ministry added that the situation on the domestic motor fuel market, both wholesale and retail, has already stabilized

MOSCOW, November 29. /TASS/. The Energy Ministry expects that the stable state of the fuel market in Russia will be long-term thanks to measures taken earlier by the government.

"Now the domestic market is fully ensured with supply, its overall stabilization is a long-term trend, the result of measures taken in September - October to support it," the ministry noted commenting the statistics on fuel prices, prepared by the Federal Statistics Service.

The ministry added that the situation on the domestic motor fuel market, both wholesale and retail, has already stabilized. This happened as the cumulative effect of the measures taken to saturate the domestic market.

According to the Energy Ministry, Russia has accumulated reserves of motor fuel in the amount of more than 5 million tons. As a result, there is a decrease in wholesale prices for all types of fuel, the ministry notes.

"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.

About statistical data

The Federal Statistics Service reported that average consumer prices for gasoline in Russia in October 2023 decreased by 1.6% compared to the previous month. At the same time, gasoline producers reduced wholesale prices by 20% in October.

In annual terms, consumer prices for gasoline increased by 8.1%, and producer prices rose by 76.3%.

In October, a decrease in consumer prices for gasoline by 1.7% or more was noted in 44 regions of Russia. Gasoline prices fell most noticeably in the republic of Karelia and the Novosibirsk region by 7% and 6.5%, respectively.

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