Refineries with a combined processing capacity of approximately 40 million tons of oil per year have returned to fuel sales on the St. Petersburg exchange after planned and emergency repairs. This information is outlined in a review from the analytical agency Platts, which is part of S&P Global. A number of major enterprises, accounting for over 45 million tons of processing annually, have yet to resume trading activities.
Since July 20, the St. Petersburg exchange has also relaxed the allowable price fluctuation limits for certain types of fuel. For instance, for AI-92 and AI-95 gasoline and diesel fuel under the terms of "Free-on-Board warehouse" and "Free-on-Board destination" delivery, the permitted increase corridor has been expanded from 0.01% to 5%, with a decrease allowed up to 10%. For "Free-on-Board rail station of departure" delivery, the maximum increase remains at 0.01%, while the decrease is set at 5%. For aviation kerosene, the growth is capped at 0.01% with a possible reduction of up to 20%.
Sergiy Tereshkin, General Director of Open Oil Market, states that the expansion of the price growth range is aimed at revitalizing exchange trading, which is becoming an increasingly irrelevant price indicator.
According to him, the majority of fuel is being channeled via over-the-counter means, and this trend has intensified in recent weeks. The government previously reduced the sale regulations for gasoline on the St. Petersburg exchange from 15% to 10% of production levels, with a similar adjustment planned for diesel fuel.
On July 20, the price of AI-92 on the St. Petersburg exchange, according to the index for the European part of Russia, increased by 0.7% to 72,290 rubles per ton. AI-95 decreased by 2.3% to 74,610 rubles per ton, while diesel fuel quotations fell by 0.38% to 74,420 rubles per ton. The decrease in quotations could indicate an increase in supply.
This could also be supported by the growth in wholesale sales volumes. According to the National Exchange Pricing Agency, on July 17 the figure rose by 4.6% compared to the previous day, reaching 13,740 tons. Although 81.9% of the total volume of gasoline purchase requests remained unsatisfied, the volume of unmet solvent demand declined across all types of gasoline, as noted in the review. The most challenging situation is seen in the AI-98 / AI-100 segment, which sees a 92.9% unsatisfied demand.
According to exchange data, from July 1-17, gasoline sales dropped by 47.8% year-on-year to 277,300 tons. Since the beginning of 2026, 4.74 million tons of gasoline have been sold at the exchange, which is 16.7% less than the previous year. The market is also receiving additional support from fuel product supplies from Belarus. According to exchange data, from July 1-17, Belarusian gasoline sales amounted to 98,760 tons, which is 8.7% higher than the total for June.
According to a source within the industry speaking to "Kommersant", the situation at Russian gas stations has begun to improve: queues have decreased, and many operators have returned to unrestricted fuel dispensing.
Independent networks continue to receive gasoline supplies from Belarusian refineries and possibly from vertically integrated oil companies, according to the source. "The peak of the deficit is likely already past," the source believes. However, they point out a potential decrease in gasoline reserves to less than 1.5 million tons. According to the Ministry of Energy, which President Vladimir Putin referenced at the end of June, gasoline reserves decreased by 4% year-on-year to 1.7 million tons. Another source in the industry indicates that currently more capacities are being launched than are losing operation.
Managing partner of NEFT Research, Sergey Frolov, does not expect a rapid market recovery. He states that high seasonal demand will persist in the coming two months, making it unrealistic to anticipate a sharp improvement in the situation. The balance of supply and demand, the expert notes, cannot be restored instantly, and a noticeable increase in production will only occur closer to the end of the year as impacted refineries return to operation. Senior analyst at the investment company "Rikom-Trast", Valeria Popova, notes that for stabilization, restocking is required, volatility in exchange quotations needs to be reduced, and temporary restrictions must be softened.
Source: Kommersant
