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Prices for fuel and lubricants may drop by 3 percent in March

Taking into account the stocks of oil traders in March, retail prices for the gasoline group of products are expected to decline further within 3 percent in the fuel and lubricants market of Kyrgyzstan with maintaining the cost of diesel fuel at the current level. The Association of Oil Traders of Kyrgyzstan reported.

According to it, growth of selling prices at refineries has resumed in the Russian market of petroleum products. Thus, the cost of gasoline under wholesale contracts with delivery in March increased by 3 percent, diesel fuel went up by 6 percent. The growth of wholesale prices for petroleum products in Russia was caused by increased demand for fuel due to the upcoming seasonal increase in its consumption level.

«At the same time, there are prerequisites for a rise in prices at oil refineries, if we take into account the dynamics of oil prices on the world market since the beginning of the year (an increase of $ 11.5, or 21 percent). Several factors at once provide support for oil prices. One of them is the decision to reduce production by OPEC + countries in 2019 by 1.2 million barrels per day compared with the production level in October 2018. Another factor is the expectations of a decrease in oil supplies from Venezuela due to U.S. sanctions. Fears of a slowdown in global growth and a trade dispute between the United States and China also have an impact on oil quotes,» the association summed up.