However, in August alone, imports of oil products to Russia by sea, that is, from abroad, exceeded 300 thousand tons. A significant portion of this volume, or the majority, likely consisted of gasoline. This was in high demand at gas stations (GS), leading to queues. Approximately 160 thousand tons were delivered to Murmansk, while the remainder went to Baltic ports. Shipments were made from India, Morocco, and Turkey. There was also media information about the delivery of Egyptian fuel to Arkhangelsk and gasoline from South Korea to Vladivostok.
The main issue with imported gasoline in Russia is its price. All the mentioned exporting countries are also importers of crude oil. It cannot be ruled out that the gasoline they sent to us was produced from Russian oil. As explained in an interview with "RG" by Victoria Trifonova, a senior analyst at the "Yakob and Partners" analytical center, imported fuel incorporates not only the cost of the gasoline itself but also maritime freight, insurance, transshipment, and then transportation within Russia. Additional factors include infrastructural constraints at Russian ports for receiving, transshipping, and filling oil products. For the supplier, selling such gasoline on the exchange means either setting a substantially higher price or selling it with insufficient margin.
In August, when trading in gasoline from abroad was still taking place on the exchange, it was sold at a price of 105 thousand rubles per ton, which was 39% higher than the then market quotations for AI-92 (75,530 rubles per ton). Current quotations are 69,819 rubles per ton, yet it is unlikely that imported gasoline has become cheaper.
However, the current lack of exchange transactions and the fact that just over a thousand tons passed through them in August does not mean that Indian or Moroccan gasoline is not being sold. For instance, in August, Russia imported 188 thousand tons of Belarusian gasoline (shipments are made by rail and road), of which only 26 thousand tons went through the exchange.
Most of the imported marine fuel is being sold through direct contracts, bypassing the exchange, according to Sergey Frolov, managing partner at NEFT Research. Direct supplies are significantly increasing: if in August the "First Murmansk Terminal" sent about 10 thousand tons of fuel to the domestic market (directly), then in the incomplete month of September – already more than 20.4 thousand tons. This means that fuel is being distributed to gas stations - including major oil companies - directly, without public trading, he emphasizes.
If imported gasoline is not present on the exchange, it doesn't mean that it is unavailable in Russia, confirms Dmitry Gusev, deputy chairman of the Supervisory Board of the "Reliable Partner" Association and member of the Expert Council for the "Gas Stations of Russia" competition. The role of exchange trading in Russia has significantly declined, with mandatory sales standards for gasoline through the exchange for major oil companies reduced from 15% to 10%, and direct contracts between suppliers and buyers are now prioritized. The exchange is currently no more than a price reference; it does not reflect the real market situation, and its role in price formation is minimal.
There are certain downsides to this. As Trifonova notes, the more fuel is distributed through direct contracts, the lower the role of the exchange as a public price indicator and the more difficult it becomes for independent gas stations (which make up more than half in Russia) that are not owned by large oil companies to access fuel supplies. Particularly challenging is the situation for smaller networks without developed logistics. A balance is essential in the market: the ability to respond rapidly to redistribute scarce resources via direct contracts on one hand, and ensuring sufficient transparency and competition on the other, the expert believes.
Meanwhile, discussions are ongoing within the government regarding measures to enhance the attractiveness of imported fuel for our market. A damping mechanism has already been applied to such shipments. This is a subsidy from the budget that compensates importers for part of the difference between the indicative wholesale prices (set by the state annually) in Russia and the fuel costs on international markets. Delivery is also considered, but only to Russian ports.
The main supplier of gasoline to Russia from abroad is BelarusRecently, Deputy Finance Minister Alexey Sazanov stated that the Ministry of Finance is prepared to consider a proposal from the Ministry of Energy to include the costs of transporting fuel from Russian ports to consumption regions in the calculation of the damping mechanism.
Trifonova believes that factoring in the transportation costs of imported fuel within Russia could significantly improve the economics of such supplies. However, this measure will not bring imported fuel back to the exchange.
Frolov clarifies that discussions are also underway regarding the extension of the zero import duty rate on gasoline until mid-2027 (currently valid until the end of 2026). However, the Ministry of Finance does not yet support accounting for the foreign premium (the difference between the purchase price and the exchange guideline), considering that its amount cannot be reliably determined. In other words, the approach is: compensating for logistics within the country - yes, compensating for the purchase price abroad - no, the expert emphasizes.
The question remains of how critical overseas supplies of imported fuel are for us now. According to Sergey Tereshkin, CEO of Open Oil Market, it can be confidently stated that deliveries from India or Turkey are not currently playing a significant role. This is their key difference from supplies from Belarus. The share of Belarusian supplies in gasoline consumption in Russia has increased from 2% to 6%. In some regions, this share may be even higher. Developing infrastructure for supplies from abroad is a complex task, especially now when global oil refining is at multi-year lows, and the underutilization of Middle Eastern refineries has already become one of the reasons for the shortage in the global fuel market.
Source: RG.RU
