Belarusian motorists fear that the fuel price won't stop growing even after the newly introduced price rise. Since the price increase is actually linked with the foreign currency growth rate, motorists fear that fuel prices may increase again in case of further devaluation of the Belarusian ruble.
However, Belneftekhim is unwilling to talk about the possibility of further fuel price increases. Press secretary of concern Marina Kostuchenko refused Telegraf journalist in commenting on any issues related to fuel prices.
As Telegraf previously reported, Belneftekhim has already raised retail gasoline prices four times since early year. The last increase (by about 31%) took place on June 7, having thus virtually tied the cost of fuel to the dollar rate.
Belneftekhim explains this price increase by «defense of the domestic market from the unauthorized export of petroleum products, thus decreasing the disparity in fuel prices in Belarus and the neighboring countries, as well as ensuring efficient operation of refineries.»
Belneftekhim had earlier reported on pricing for petroleum products. The company noted that the main component in the structure of production costs of petroleum products (85%) was the cost of crude oil, paid in currency by the Belarusian refineries.
Since fx rate against the Belarusian ruble has grown substantially after the devaluation, conducted by the National Bank, the former retail price of motor fuel could not fully cover the cost of oil refineries to produce it. This resulted in fuel price rise. Head of Belneftekhim Igor Zhilin stated about the fact that fuel prices in Belarus had increased due to fx rates increase on May 24.
Thus, in case of additional depreciation, not ruled out by some independent experts, one cannot rule out motor fuel price rise as well.