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Russian gasoline prices plunge on bearish cocktail

Prices of gasoline on the Russian domestic market plunged Wednesday onweak demand and ample supply.

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This was due to high production levels, insufficient demand andregulatory pressure, sources said.

S&P Global Platts assessed 95 RON gasoline in the Privolzhsky FederalDistrict at Rb39,650/mt ($676/mt) Wednesday, down 3.29% on the day and itslowest point since March 17. Platts assessed 95 RON gasoline in the CentralFederal District at Rb41,600/mt, its lowest point since March 16.

"There are big volumes available and not enough demand," a market sourcesaid.

"There is also the psychological element, with dissatisfaction from [theFederal Antimonopoly Service]."

The FAS is keen to subdue retail prices with the presidential election inthe spring, sources said.

Producers appear to be responding to the good availability. Gasolineproduction in the the December 13-19 week was 769,000 mt, a 0.1% decrease weekon week, data from the Central Dispatching Unit, the Russian Energy Ministry'sstatistical arm, showed.

Deliveries to the domestic market edged down 0.8% week on week to 673,000mt, the data showed.

--Tom Washington, Thomas.washington@spglobal.com

--Edited by Jonathan Fox, jonathan.fox@spglobal.com