... in 2023, compared to just 2% in India. "Another factor will be the commissioning of new refineries, which will address the deficit in refining capacity and create additional demand for oil. According to the Energy Institute, in 2023, India's oil refining volumes exceeded the design capacity of its refineries by 3%. The IEA forecasts that by 2030, India's refining capacity will increase by 1 million b/d, positively impacting Russian oil supplies," Tereshkin said. In his opinion, Russian exporters will also benefit from the prolonged stagnation ...

... Despite the export ban, fuel prices at gas stations continue to climb, although the pace of price growth has noticeably decreased compared to the peak values of June. To stabilize the situation, the government is employing budgetary support mechanisms. Oil refineries (refineries) are receiving compensation under a damping mechanism – subsidies that mitigate the difference between high global prices and fixed domestic fuel prices. In July, the total amount of damping payments was around 60 billion rubles,...

... economics of the transaction by participants in the oil market and lack of the possibility to monitor prices in the market The oil market is not transparent, as it has a significant number of participants, and the initial prices of products provided from oil refineries are not always available for various reasons. This means that there is no possibility of automatic calculation of the profitability of the transaction. The share of fuel costs for some strategically important industries exceeds 50%; therefore,...

... Restrictions on Fuel Exports The Russian refined oil product market continues to operate under limited export supplies. The Russian government previously imposed a temporary ban on gasoline exports for all categories of suppliers, including major oil refineries (refineries), until August 31, 2025. This measure aims to maintain stability in the domestic fuel market during the peak summer demand period and the active agricultural phase. Initially, the restrictions applied only to independent traders ...

... that the total production of petroleum products in Russia declined by 2.4% (year on year) in the first 11 months of 2024. The situation with fuel production is unlikely to improve in the coming months due to sanctions on the supply of equipment for oil refineries (NPZs). Therefore, the gasoline market will continue to face risks of shortages, according to Tereshkin. Changes in tax legislation could also influence fuel price dynamics in the domestic market. For example, at the end of 2024, the Federal ...