HomeMediaLatest NewsGasoline and diesel prices rose above inflation. Is it time to ban exports again?

Gasoline and diesel prices rose above inflation. Is it time to ban exports again?

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to Novye Izvestia on the dynamics of prices for petroleum products on the domestic market.

In total, about 15 thousand gas stations operate in Russia, and only 40% of them belong to vertically integrated companies (VINC). The rest are small and medium—sized enterprises, which, unlike the giants, live only by selling fuel inside the country. They are the ones who pull prices up, the expert believes:

— Independent gas stations are more sensitive to the rise in wholesale prices. They don't have an airbag like the VINC gas station. Vertically integrated companies can redistribute and operate at a loss for some time, in terms of retail sales. Independents don't have that option. In addition, the independents do not have their own refineries, they are forced to buy on the market. They are always sensitive to price’s increase, they have to raise retail prices earlier and raise them more strongly. In this sense, VINC has a competitive advantage. They also raise prices, but they do it gradually, with a delayed effect, it is not so noticeable to consumers.

Alexey Belogoryev notes that the market situation is much calmer now than it was in the third quarter of last year:

— Restraining prices for petroleum products is not only a social issue, but also a matter of supporting the economy, it is also a matter of fighting inflation, therefore, different state interests converge. There will be growth, but I see no reason for a sharp rise in retail prices. As for the wholesale market, I think that the situation of last year will not be repeated, there are no prerequisites for it. What happened in the 3rd quarter of last year, a sharp increase in prices, should not be like this.

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