Russia Aims to Ease Fuel Shortages With Market-Saturating Measures
The Russian government has proposed measures to tackle gasoline and diesel fuel shortages, with a focus on saturating the domestic market. This comes amidst declining production, export bans, and soaring prices in the stock market today.
The situation has been exacerbated by high seasonal demand and unscheduled refinery repairs. Crimea and Sevastopol have been particularly hard hit, with a 50% drop in gas stations selling gasoline since late July. To address this, Crimea has implemented fixed gasoline prices and purchase limits of 30 liters per person.
The government plans to redirect 150,000 tons of gasoline from Siberian refineries to the west. Additionally, the reintroduction of monomethylaniline (MMA) in gasoline production could add another 50,000 tons to the domestic stock market each month. If accepted, these proposals could result in a total of 350,000 tons of gasoline and 100,000 tons of diesel fuel being directed to the domestic market monthly.
Gasoline prices have risen by an average of 8.4% since the beginning of the year. The government has extended the full ban on gasoline exports until the end of the year and imposed similar bans on diesel fuel and marine fuel exports for non-producers. Certain companies have been excluded from the government's distribution plan, though their names have not been disclosed.
To boost imports, the government proposes cancelling 5% import tariffs on gasoline from China, South Korea, and Singapore. This would benefit authorized organizations such as 'Rosneft', AO NNK, and 'Promsyr'eimport.
These measures aim to stabilize the domestic fuel market and alleviate shortages, particularly in regions like Crimea. The government's plan, if successful, could significantly increase the availability of gasoline and diesel fuel in Russia.
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