Russia’s gasoline output rises by 4.3% in 2022

Energy Materials 16 January 2023 17:00
Moscow, Russia TASS
Russia’s gasoline output rises by 4.3% in 2022

At the end of 2022, Russia increased production of gasoline by 4.3%, diesel fuel - by 6%, Deputy Prime Minister Alexander Novak said on Monday during a meeting with Prime Minister Mikhail Mishustin.

"As for production of gasoline, diesel fuel, we also noted an increase in production - by 4.3% and 6%, respectively. We will continue to update oil refineries and implement key petrochemical projects," he said.

According to him, in 2022, the government also managed to keep the growth of fuel prices within the limits of inflation. "We monitored risks and took measures. At the end of the year, the price growth was significantly below the inflation rate - gasoline grew by only 0.7%, diesel fuel - by around 10%," he added.

Earlier, in an interview with TASS, he stated that Russia would be able to maintain the growing fuel prices in 2022. In 2023, the country wants to keep gasoline and diesel prices from rising over inflation.

The fuel market is now regulated, including through a damping mechanism. If gasoline and diesel fuel export prices are higher than domestic prices, the state compensates producers for part of this difference, otherwise, oil companies transfer a share of their profits to the government.