Export of fuel becomes much more profitable than sales in Russia

As the Kommersant predicted, the rise in oil prices and the simultaneous decline in export duty have dramatically increased the attractiveness of gasoline exports in February. On the average, it is by 15% more profitable for the oil companies, than sales in Russia. This can lead to a sharp increase in wholesale fuel prices and end the outlined trend of decline in prices at the filling stations. Although experts don’t expect a significant increase in retail prices for a while.

At the end of the first week of February, export netback for gasoline reached a historic high, made up about 38.2 thousand rubles per ton of A-95. For a week, the export alternative grew by more than 9 thousand rubles and now is by 5 thousand rubles more than the stock price of gasoline in the Russian Federation. A similar dynamics is observed for other light oil products - jet fuel and diesel fuel (+ 6.5 thousand rubles).

February export duty on petrol was calculated based on the low price of January and early February, but the oil prices rose sharply, thereby increased the price of the actual delivery. This is the situation, which the FAS feared, offered if necessary to increase export duties to protect the domestic market. But so far, according to the Kommersant, specific suggestions to improve the duties are not discussed by the Government.

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