Lukoil refining margins under pressure

摘要

The financial performance of Lukoil’s Russian refining busi- ness deteriorated in April-June as products prices fell, making domestic sales less proftable than exports, the frm said. The margin for Russia’s second-largest refiner fell to $1.60/ bl from $2.40/bl in the frst quarter and Lukoil’s domestic retail margins also came under pressure in the second quarter, when pump prices failed to keep pace with wholesale prices. The government ordered a freeze on gasoline and diesel retail prices at the end of May, following a surge in prices after presidential elections in March, because Russian oil frms had kept prices in check before the poll.