MOSCOW – Gasoline production in Russia increased by 3.3 percent on an annual basis from January-August 2023 and diesel fuel by 6.4 percent, Russian Deputy Prime Minister Alexander Novak said at a meeting with Russian President Vladimir Putin.
Novak said the Russian government is proposing measures to ensure adequate long-term domestic supply of oil products in the domestic market.
"Currently, the government is proposing a variety of additional structural measures to secure long-term domestic market balancing and to establish economic incentives for the supply of oil products to the domestic market. First, the damper parameters must be adjusted in light of the current macroeconomic condition, including raising the coefficient, which has been decreased since September 1," he said.
He said the Russian government is considering raising the protective duty on oil product exports from 20,000 rubles (USD207.3) to 50,000 rubles (USD518.26) per ton for resellers, citing his belief that it is possible to totally ban exports of oil products acquired on the domestic market.
"The domestic market's price situation is stabilizing, and the implemented measures ensure the restoration and stable operation of the small wholesale segment, independent gas station stations, and agricultural producers. We will make decisions on the systemic measures that I mentioned in the near future, they will have a long-term impact on stabilizing the situation on the domestic market," he said.
The recent growth in gasoline stock prices in the past two days is a correction following a significant decline recently, he noted.
"After a sharp drop, there has been a 1-2 percent correction in the past two days. This is normal because the current levels attained on the stock exchange reflect the true situation," he said. (TASS)
