05.11.2026, 11:05
The profitability of oil refining in Russia has fallen
Source: OREANDA-NEWS
OREANDA-NEWS By the end of October, the profitability of oil refining in Russia amounted to 30.3 thousand rubles per ton, which is 9 percent less than in September. Separately, for gasoline, it fell by 17 percent, to 31.8 thousand rubles, and for diesel fuel — by 6 percent, to 52.9 thousand rubles. Kommersant writes about this with reference to the Euler review.
Analysts say the main reason is the end of the high fuel demand season and the fact that it has become cheaper in Europe after the G7 countries released 100 million barrels of petroleum products and 10 million barrels of diesel fuel from France's strategic reserves.
As a result, the calculated damper in Russia has decreased. According to Andrey Polishchuk, a senior analyst at Euler, wholesale prices have even increased slightly, but this increase is not enough to compensate for the reduction in damping payments.
The total profitability of retail fuel sales at gas stations remained virtually unchanged in October. If it decreased for diesel, then for gasoline, on the contrary, it increased.
Sergey Frolov, Managing Partner of Neft Research, noted that the current situation for vertically integrated oil companies (VICS) means a redistribution of profits between refining and sales, and for independent networks it is an opportunity to strengthen their own financial position and partially compensate for the losses of the past months.
In the fourth quarter, analysts expect a further decline in the profitability of wholesale sales of petroleum products in the domestic market. For diesel fuel, the forecast is 29.8 thousand rubles per ton (55.2 thousand rubles in the third quarter), and for gasoline — 24.5 thousand rubles (39.8 thousand). If exports of petroleum products from the Middle East continue to grow, the situation in the industry will worsen.
Earlier it was reported that due to the loss-making business in Russia, the number of independent gas stations began to decrease. In the first three quarters, 935 gas stations were closed and 669 outlets were opened.
Analysts say the main reason is the end of the high fuel demand season and the fact that it has become cheaper in Europe after the G7 countries released 100 million barrels of petroleum products and 10 million barrels of diesel fuel from France's strategic reserves.
As a result, the calculated damper in Russia has decreased. According to Andrey Polishchuk, a senior analyst at Euler, wholesale prices have even increased slightly, but this increase is not enough to compensate for the reduction in damping payments.
The total profitability of retail fuel sales at gas stations remained virtually unchanged in October. If it decreased for diesel, then for gasoline, on the contrary, it increased.
Sergey Frolov, Managing Partner of Neft Research, noted that the current situation for vertically integrated oil companies (VICS) means a redistribution of profits between refining and sales, and for independent networks it is an opportunity to strengthen their own financial position and partially compensate for the losses of the past months.
In the fourth quarter, analysts expect a further decline in the profitability of wholesale sales of petroleum products in the domestic market. For diesel fuel, the forecast is 29.8 thousand rubles per ton (55.2 thousand rubles in the third quarter), and for gasoline — 24.5 thousand rubles (39.8 thousand). If exports of petroleum products from the Middle East continue to grow, the situation in the industry will worsen.
Earlier it was reported that due to the loss-making business in Russia, the number of independent gas stations began to decrease. In the first three quarters, 935 gas stations were closed and 669 outlets were opened.
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