Oil price for Belarusian refineries up 34% in 2019

Deputy Chairman of Belneftekhim Andrei Bunakau has told in an interview to belchemoil.by that the cost of raw materials for the Belarusian refineries has increased greatly during 2019.

“In December 2019, the oil price continued to rise, the average quote rose to $66.3 per barrel, while at some peaks it reached $69 per barrel. Taking into account the growth of oil quotations (by more than 15%), the negative impact of the tax maneuver and the resulting fluctuations of the Belarusian ruble, the price of raw materials supplied to Belarusian refineries increased by 34% compared to December 2018. As a result, the efficiency of oil refining is reduced, as oil and other resources purchased for foreign currency make about 90% of the cost of petroleum products,” he said.

Bunakau also said that Belneftekhim will not abandon the strategy of phased increase in fuel prices:

“Whatever the arguments put forward by critics, the strategy of phased change in fuel prices is still the best option to balance the “price-quality” ratio of the Belarusian oil refining products and to protect the interests of car owners”.

News