In Kyrgyzstan, fuel and lubricant prices may rise by 9-10% by March

Bishkek, Feb. 16, 2021. / Kabar /. Kyrgyzstan’s Oil Traders Association predicts a 9-10% increase in fuel prices by March 2021.

Based on the analysis of current stocks of petroleum products available in the country and the current selling prices of Russian refineries, the Association predicts the possibility of rising prices for petroleum products in the country by an average of 9-10% of current prices by March 2021.

Meanwhile, oil trading companies intend to continue the policy of smoothing price increases and avoid drastic changes in the fuel market.

Thus, the selling prices of Russian refineries have increased by $100-140 for gasoline group since the start of the year (by KGS 7-9.8 per liter) and by $40-60 for diesel fuel (by KGS 3.20-4.80 per liter):

The growth of Russian refinery selling prices is due to the following factors:

- Increase in world oil prices. The International Monetary Fund has predicted a 20% increase in oil prices in 2021 due to the global economic recovery.

- Significant reduction in refining volumes at Russian refineries in 2020. According to the Argus, international independent agency, the volume of oil refining at Russian refineries in 2020 decreased amid the pandemic and the reduction of margins to the level of 2011.

- Refineries expect an increase in demand for petroleum products on the eve of spring field work.