The Ministry of Energy explained the rise in gasoline prices in March

MOSCOW, 12 Mar – RIA Novosti. The rise in retail prices for petroleum products in the first week of March was driven by several factors, including increased seasonal demand for fuel and frost, the Energy Ministry said.

Earlier, Rosstat reported that the average retail price for gasoline in Russia for the period from 1 to 9 March increased by 12 kopecks, to 47.09 rubles per liter, and diesel fuel rose by 7 kopecks, to 49.25 rubles.

The department explained the increase in the cost of gasoline for the following reasons: —Changes in the consumer price index; —Changes in wholesale prices for petroleum products in the domestic market due to seasonal demand; —Increased demand for fuel due to frosts.

The ministry noted that they make sure that there is no deficit in any of the regions, and the rise in fuel prices remains at a level close to inflation. So, the government recommended that oil companies increase the loading of refineries with raw materials in order to increase reserves by May 2021. The Energy Ministry stressed that the increase in the Russian quota within the OPEC + should facilitate this task.

The statement indicates that this should also be helped by a joint order of the Ministry and the Federal Antimonopoly Service to increase the minimum value of gasoline sold on the exchange to 11 percent and diesel fuel to 7.5 percent.

The department also added that the government's decision to adjust the parameters of a special damper mechanism should support the economic efficiency of oil refining and the sale of fuel at gas stations.

Earlier, the OPEC + countries agreed to leave oil production at the same level, with the exception of Russia and Kazakhstan, which will increase it by 130 thousand and 20 thousand barrels per day, respectively. Deputy Prime Minister Aleksnadr Novak said that this would ensure seasonal demand within the country.

Author: wedocount

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