The RTS identifies two key problems in the gasoline sector. First, the decline in gasoline production and sales on the exchange has led to an increase in wholesale prices, which have now matched retail prices and, in some regions, even exceeded them. Given the significant increase in operating costs, railway and utility tariffs, as well as the increasing credit and tax burden, gasoline retail sales have become extremely unprofitable.
Second, there are widespread delays in the delivery of exchange-traded gasoline. Shipments are significantly lower than agreed upon, with waiting times reaching 1.5-2 months. Given the prepayment for the product on the exchange, this leads to a decrease in working capital and increased debt dependence. Meanwhile, oil companies supply their own sales divisions with full supplies, to the detriment of the supply of exchange-traded gasoline purchased by independent buyers.
Several regions are experiencing gasoline supply disruptions, and negative profitability coupled with shortages is leading to the closure of privately owned gas stations. If the situation continues unabated, this could lead to the closure of approximately 60% of independently owned gas stations in the country.
The measures taken to completely ban gasoline exports (with the exception of EAEU countries and intergovernmental agreements) have had virtually no impact.
The situation with diesel fuel is less critical, but declining exchange sales and longer shipping times have led to an imbalance in supply and demand, rising wholesale prices, and zero profitability in retail sales.
The Russian Trading System (RTS) is proposing a number of measures to stabilize the situation in fuel retail. Specifically, it calls for full compliance with the Ministry of Energy's recommendations regarding small-scale wholesale and exchange sales volumes, as well as shipping times and volumes. Furthermore, it is proposed to use a composite inflation index, taking into account the growing tax and credit burden, as well as gas station operating costs, when setting maximum retail fuel prices.
To increase the supply of summer diesel fuel on the domestic market, the Russian Trading System (RTS) is proposing to consider a temporary ban on diesel fuel exports for producers.
It was previously reported that the Russian Ministry of Energy and regional offices of the Federal Antimonopoly Service (FAS) are sending requests to gas station owners demanding justification for the increase in motor fuel prices. The agencies are requesting information on fuel availability and any supply disruptions. The reasons for fuel supply disruptions in some Russian regions have also been identified.