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Wholesale fuel prices in Russia fall to levels of 2024-2023 — Novak

According to the deputy prime minister, during peak demand in the summer, wholesale fuel prices rose due to demand exceeding supply

MOSCOW, February 3. /TASS/. Prices on the wholesale fuel market in Russia have fallen to levels seen two to three years ago, Deputy Prime Minister Alexander Novak said.

"Currently, our wholesale prices are at the same level as two to three years ago. <> The total margin is around 22 rubles ($0.28) at wholesale, and at retail, for various petroleum products, it reaches 8-9 rubles ($09-0.11), which is very good for this type of activity," he said, speaking at a meeting of the Federation Council Committee on economic policy.

According to Novak, during peak demand in the summer, wholesale fuel prices rose due to demand exceeding supply.

"We understand that this volatility is seasonal. If you look at the charts, this always happens during periods of low demand in winter. In the summer, demand increases, the situation evens out, and we have to take additional measures to mitigate this," the Deputy Prime Minister explained.

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