The margin at the gas station has reached a record over the past two years
Fuel trade operators at gas stations managed to noticeably correct the profitability, which last year reached negative values. According to Petromarket, by the end of March, the clean margin of the AI-92 and AI-95 sales increased by 2.4 and 1.8 times, respectively, in conditions of a drop in small-optical fuel prices. But market participants are talking about a quick reduction in profitability due to upcoming repairs on refineries and increased excise taxes from the beginning of this year.
The pure margin of the AI-95 gasoline trade at gas stations on average for the Russian Federation reached 7 rubles on March 28. per liter, AI-92-6 rubles. per liter, calculated the Petromarket on request “Kommersant”. On December 27, 2024, the indicators were 3.8 rubles. and 2.5 rubles. per liter, respectively. The net margin of diesel fuel sales for the same period increased from 0.6 rubles. up to 5.8 rubles. per liter.
The growth of margin in Petromarket is explained by a reduction in small -optical prices at which gas stations are purchased from oil depot. According to analysts, a decrease in small -optical prices, in turn, became possible due to the high margin of fuel trade in oil depots at the end of 2024. According to Reuters, the margin of retail operators in the domestic fuel market in Russia in March was at one of the highest levels over the past couple of years.
In 2024, the profitability of the AI-95 sale at the gas station went minus and remained negative for several months in a row. So, in mid -July, the pure marriage of this brand of gasoline was minus 1.2 rubles. per liter, in September – minus 4.2 rubles. per liter (See “Kommersant” of September 24, 2024). Losses were explained by the growth of wholesale prices due to the fact that the demand for fuel increased by the pace that was ahead of the production of this brand of gasoline.
The Kommersant source in the fuel market says that positive dynamics will not last long. According to him, April and May are the traditional period of repairs at the refinery, and the expenses of market participants are growing faster than inflation. In addition, since 2025, gasoline excise taxes have increased by 13% and their growth will inevitably switch to wholesale prices, the Kommersant source adds.
Maxim Dyachenko, managing partner of the Proleum trader, explains that two factors traditionally lead to an increase in the margin of fuel trade: an increase in retail prices and a decrease in wholesale quotations. In this case, according to him, both trends coincided. According to the St. Petersburg Exchange, from September maximums to the end of March 2025, wholesale prices for AI-92 decreased by 18.5%, to 50.9 thousand rubles. per ton, AI-95 fell by 22.5%, up to 57.05 thousand rubles. per ton. But, emphasizes Mr. Dyachenko, a margin around 6 rubles. For a liter, it does not allow operators of gas stations to earn sufficient profit and invest in development.
According to Maxim Dyachenko, the current level of profitability is primarily associated with overstocking on the market, as well as the excess of supply over demand, which is why wholesale prices for fuel are under pressure. In addition, he notes, a strengthened ruble course led to a decrease in the export alternative, which made deliveries to the domestic market for manufacturers more attractive.
NEFT Research Managing Partner Sergei Frolov notes that retail prices do not fully reflect the real situation in the fuel market, since the cost of gas stations is largely controlled by hand. According to him, for many years the regulators have been ensuring that the rising price in retail is approximately corresponding to the average official inflation.
Exchange prices for fuel, added by Mr. Frolov, resumed growth against the background of the expected seasonal increase in demand in personal vehicles and commercial transportation segments (See “Kommersant” from March 10). The increase in retail prices is also inevitable due to an increase in demand and “unlimited” increase in excise taxes, the analyst points out. At the same time, he continues, an attempt to “harshly strangle” the increase in prices in the retail segment threatens to reduce the number of gas stations in Russia, especially independent ones.
The Ministry of Finance does not see the risk of rising fuel prices at gas stations above inflation due to increase in excise taxes at the beginning of the year, the deputy head of the Ministry Alexei Sazanov said at the end of March. Rosstat appreciated inflation from the beginning of the year to the end of March at 2.61%, in annual terms – 10.33%.
