The gasoline is supplied to Russia by sea from India and Morocco, delivered to the port of Murmansk, and has begun trading on the exchange. Currently, it can be noted that the demand for such imported gasoline in Russia is close to zero. Fuel from Belarus, on the other hand, is often supplied through direct contracts between suppliers and buyers, with high volumes, whereas since early August, more than 16.74 thousand tonnes of Belarusian gasoline have been sold via the St. Petersburg Exchange.
The import of fuel into Russia was permitted from July 1 to prevent shortages in the market during the high-demand period—holiday season. The volumes of Russian oil refining have been forced down due to unforeseen repairs at refineries following UAV attacks.
This significantly impacted the supply of gasoline in the domestic market, as production was only about 10-15% more than consumption in Russia. Gasoline exports were banned since April 2026, but by the end of summer, additional volumes became necessary due to seasonal demand increases.
The main flow of fuel imports was from Belarusian refineries (212 thousand tonnes in July), although some shipments also came from India and Morocco. According to Reuters, by the end of July, around 140 thousand tonnes of gasoline had arrived in Murmansk. Furthermore, S&P Global Commodities at Sea reports that approximately 23 thousand tonnes of gasoline are currently en route to Russia from Turkey. These shipments are not going to the nearest Russian port, Novorossiysk, but to Baltic ports, which will inevitably increase transportation costs.
Gasoline from India is initially significantly more expensive than Russian fuel.Meanwhile, the fuel situation in some regions of Russia remains tense. There are closed gas stations, and long queues often form at those that are open. The main issue with fuel imported from far-abroad countries by sea is its price. As imported gasoline is initially more expensive than domestic supplies, a damping mechanism is in place. This is a subsidy from the budget that compensates importers for part of the difference between the indicative wholesale prices (set by the government for the year) in Russia and the fuel prices in external markets. Delivery costs are also taken into account. However, even with this compensation, Indian or Moroccan gasoline (AI-92) has been trading on the St. Petersburg Exchange at a price of 105 thousand rubles per tonne, which is 39% higher than the exchange quotes for AI-92 (75,530 rubles per tonne).
This is not the price buyers would like to see, nor is it a price at which gasoline can be sold at gas stations, noted Dmitry Gusev, Deputy Chairman of the Oversight Council of the Reliable Partner Association and member of the Expert Council for the "Gas Stations of Russia" competition, in a conversation with "RG." Considering delivery, the price for such gasoline at the pumps will approach 100 rubles or higher. Without the damping mechanism, it would be priced at 150 or 160 rubles per litre, he points out.
According to Sergey Tereshkin, CEO of Open Oil Market, prices for Indian fuel will significantly exceed the prices of supplies from Russian refineries, even with the "import" damping subsidies. These subsidies will be paid with a certain lag, similar to the payments made for the damping mechanism for Russian refineries. Due to the need to cover high logistics costs, fuel importers will offer significant discounts to end consumers.
Sergei Frolov, Managing Partner at NEFT Research, adds that there is also the factor of rising logistical costs due to increasing freight rates and general delivery risks to Russia. In addition to maritime transport, fuel needs to be distributed across Russia, which incurs additional costs. This explains the high price of gasoline on the exchange.
Gusev emphasizes that the situation with imported marine fuel supplies should normalize. People are quite conservative and hesitant to purchase new products. For instance, it is currently unclear how to supply low environmental class gasoline (Euro-2, Euro-3, Euro-4), which has recently been permitted. A couple of weeks may be needed for the situation to stabilize and for all parties to understand how to proceed, he notes.
It is also worth mentioning that gasoline demand in Russia traditionally declines in the second half of September, which should positively affect fuel availability and prices at gas stations. Notably, this year, given the existing complexities, demand may start to decrease even earlier.
Tereshkin is confident that India will be the primary supplier of gasoline to Russia via sea, as it is simultaneously one of the largest consumers of Russian oil. It is no coincidence that the calculation of import parity for determining the damping mechanism for importers is linked to the fuel prices at Indian ports, adjusted for transportation costs to Russian ports, including insurance premiums and transshipment costs. Furthermore, Indian refineries are unlikely to export fuel with high sulfur content (lower environmental classes), as they would incur losses not only in the Russian market but also in other markets.
Frolov believes that the volumes of imports from abroad will likely remain at levels that will not significantly impact gasoline prices in Russia. They may only partially compensate for the volumes lost due to refinery shutdowns. Currently, imports cover about 5% of the country's monthly needs.
Source: RG.RU
