Russia's third biggest oil producer TNK-BP Ltd. said Wednesday margins on domestic retail sales remains low due to pressure from authorities to keep gasoline prices artificially low, which resulted in lost profits of $54 millions in the first quarter.

"We are continuing to see some pressure on margins," said TNK-BP's Chief Financial Officer Jonathan Muir.

The comment comes a day after Russia --the world's biggest oil producer--saw fuel shortages in some parts of the country, as producers cash in on higher fuel prices abroad.

Muir said prices for gasoline and diesel in March were between 2,000 rubles ($72) to 4,000 rubles per metric ton lower than the company would have made selling the fuel on the export markets.

"We would have earned $54 million more in the first quarter, had we been able to export our gasoline rather than to sell it at artificially low prices on the domestic market," Muir said.

"The domestic prices are being held artificially low due to pressure from regulatory authorities as opposed to what we would be able to achieve by exporting the same product," he said.

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