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​Kazakhstan To See Petrol Prices Rocket Again This Year

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Image 0Experts predict a resumption of growth in gasoline prices in Kazakhstan in April 2016, which is associated with a deficit of raw materials for petrol production in the republic and the rise in price of imported Russian fuel. According to Sergei Smirnov, an oil and gas market analyst, several factors can cause the rise of prices. First and foremost, it is reduction of the export duty, which allows for more profitably delivery of oil abroad in comparison with its processing at Kazakh refineries.

Sergey Smirnov said, “First of all, this is due to the fact that domestic refineries produce insufficient amounts of fuel, primarily of high-octane gasoline, which is explicitly deficit. Over the years of independence, we have retained the pronounced dependence on the Russian fuel market. Its situation immediately affects our fuel market. On March 1, Russia will reduce the export duty by 24 percent, which will cause an increase in exports of fuel. In addition, the related tax policy changed in 2015. Excise duties were increased on January 1, and they will be raised again on April 1. Of course, although the authorities state these steps will not affect the price of fuel, Russian experts doubt that. Most likely, all this will cause a rise in oil prices."

According to Sergei Smirnov's opinion, the shortage of raw materials in Kazakhstan, arose as a result of the backlog in the program for the modernization refineries.

“All the three refineries of ours were to be completely redesigned back in 2015, and to start production of fuel of the Euro-4 and Euro-5 standards. However, this did not happen," said the expert.


February 25 2016, 15:48

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