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Thursday, March 23, 2023

The Ministry of Economy and non-traders discussed the situation in the fuel and gas market in Kyrgyzstan – K-News

A meeting was held at the site of the Ministry of Economy and Trade to discuss the current situation in the market of petroleum and petroleum products of the Republic of Kazakhstan with the participation of the Ministry of Energy of the Republic Kyrgyz Republic and the Association of Petroleum Traders of Kyrgyzstan. This is reported by the press service of the Ministry of Economy and Trade.

During the meeting, the parties noted that today the republic meets domestic needs for oil and oil products through its own production/production, as well as imports from Russia within the framework of the “Agreement between the Government of the Kyrgyz Republic and the Government of the Russian Federation on cooperation in the supply of oil and oil products” » duty free.

As part of this agreement, the following indicative balances for duty-free deliveries of the following petroleum products have been approved for 2023:

Motor gasoline — 460 thousand. tons of diesel fuel – 485 thousand. tons Fuel for jet engines – 150 thousand. Tons of crude oil – 50 thousand. Tons of oil bitumen – 60 thousand. tons

The parties agreed on an uninterrupted supply of petroleum products to the territory of the Kyrgyz Republic in 2023.

At the same time, at the end of the 2nd quarter of 2023, in the event of a shortage of the current indicative balances until the end of 2023, the Ministry of Energy of the Kyrgyz Republic will enter into negotiations with the Ministry of Energy of the Russian Federation increase indicative balances under the Agreement.

In addition, the Association of Petroleum Traders of Kyrgyzstan noted that today there is a tendency to reduce the price of petroleum products, and in February this year the price may drop to 52 soms per liter ( excluding NSP), i.e. 5-6 soms per liter compared to January 2023. year

It should be noted that Kanat Eshatov, chairman of the Association of Petroleum Traders of Kyrgyzstan, said at a recent press conference that the indicative balance of duty-free fuel supplies between Russia and Kyrgyzstan will decrease in 2023.

“If in 2022 we could buy 650 thousand tons of gasoline and 550 thousand. tons of diesel, until 2023 the volume will be reduced to 460 thousand. tons of gasoline and 485 thousand. tons of diesel. The rest will go with customs duties,” he said.

As K. Eshatov explains, domestic fuel production in Kyrgyzstan, on the contrary, is declining. In this regard, it is important to review the quota for free delivery of fuel before the end of the year, since the price may increase by 3-5 soms.

According to oil traders, the fall in the price of car fuel in Kyrgyzstan is a temporary and seasonal phenomenon.

As noted by K. Eshatov, there is no interruption in the supply of fuel from Russia. Nevertheless, Eshatov predicts a possible increase in the price of gasoline as early as February this year.

“Since December, Russian companies have been giving us a seasonal discount, reducing the wholesale price of automotive fuel. Therefore, our company is also reducing retail prices. Gasoline has gone from 1-2 soms to 3-4 soms. But this is a seasonal phenomenon. Our stocks are enough for a couple of months. Now the November-December stock has already been sold. Prices for fuel and lubricants at Russian enterprises will rise again by 10% in February, after which the price could rise a little more. Diesel prices in Russia are falling. Due to the situation in Ukraine, there is a shortage of diesel fuel. Our companies are selling at a loss and balancing their income with fuel. petrol,” Kanat Eshatov said.

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