Russia Implements Measures to Cool Fuel Market

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St. Petersburg Exchange, acting on behalf of the Russian government, has implemented measures to cool down the fuel market. Specifically, it has restricted trading parameters for gasoline and diesel. This is stated in an official announcement from the trading platform.

Starting March 25, the price increase limit for AI-92 and AI-95 gasoline, as well as inter-seasonal and summer diesel fuel, has been reduced to 0.01% from 0.05%. The possibility of lowering quotes remains at up to 10%. The reason for these measures is the rise in wholesale prices for petroleum products, which have increased by more than 12% since late February.

Market experts, interviewed by Kommersant (a leading Russian business daily), believe that this may not be the only measure aimed at cooling the market. The government is also discussing the reintroduction of an export ban on fuel for producers, which could be introduced in the near future.

• Deputy Prime Minister Alexander Novak stated the day before that it is necessary to take measures "in the shortest possible time" to ensure stable supply of the domestic fuel market and maintain fuel prices at gas stations, which have been shaken by the global energy crisis.