“According to the laws of the market, an abundance should lead to a fall in wholesale prices, but in Russia fuel costs are more influenced by the fiscal mechanism in the oil industry… Unformalized agreements between the authorities and the oil industry industry imply that, regardless of external factors, prices at gas stations should not rise above inflation,” said Kolobanov, commenting on the impact of the upcoming import ban on Russian oil and petroleum products in Europe.

Recall that the embargo on the import of Russian oil products into the territory of the EU countries will come into force on February 5 of this year. A number of experts expect that this will lead to a surplus of diesel and fuel oil on the domestic fuel market. It is known that about 70% of the selling price of fuel at gas stations in Russia consists of all kinds of taxes, duties and excise duties. Market mechanisms can thus influence only a small part of the cost of a liter of fuel.

However, price tags at gas stations will continue to grow in 2023 – by around 5.5%, according to the expert’s estimate. Since this is the magnitude of inflation in the coming year, the Ministry of Economic Development expects Novosti, according to RIA.

“According to the laws of the market, an abundance should lead to a fall in wholesale prices, but in Russia fuel costs are more influenced by the fiscal mechanism in the oil industry… Unformalized agreements between the authorities and the oil industry industry imply that, regardless of external factors, prices at gas stations should not rise above inflation,” said Kolobanov, commenting on the impact of the upcoming import ban on Russian oil and petroleum products in Europe.

Recall that the embargo on the import of Russian oil products into the territory of the EU countries will come into force on February 5 of this year. A number of experts expect that this will lead to a surplus of diesel and fuel oil on the domestic fuel market. It is known that about 70% of the selling price of fuel at gas stations in Russia consists of all kinds of taxes, duties and excise duties. Market mechanisms can therefore influence only a small part of the cost of a liter of fuel.

However, price tags at gas stations will continue to grow in 2023 – by around 5.5%, according to the expert’s estimate. Since this is the magnitude of inflation in the coming year, the Ministry of Economic Development expects Novosti, according to RIA.