Record High Gasoline Prices in Russia Since Fall 2023
Gasoline prices soar above 60,000 rubles per ton in Russia
Gasoline prices at the St. Petersburg International Mercantile Exchange have surged above 60,000 rubles per ton of AI 95, marking the first time this has occurred since September 2023. This significant increase in prices has been reported by Russian media outlets.
According to RBK, the rise in prices has caught the attention of many, with concerns about the impact on the market following recent events, such as the attack of Ukrainian drones on Russian refineries. Other types of fuel, including AI 92 gasoline and diesel fuel, have also experienced price hikes, although they have not yet reached record levels.
Despite stable retail gasoline prices over the winter, experts are closely monitoring the situation to assess the potential impact of wholesale price increases on retail prices. Experts suggest that the drone attacks have had a more significant impact on the gasoline sector.
Sergei Kondratyev, head of the economic department at the Institute of Energy and Finance (IEF), highlighted the potential consequences of the incident at the Ryazan refinery. He warned that if primary refining units are shut down for an extended period, it could result in a 4.3-4.7 percent reduction in refining and impact gasoline production. The situation at the Nizhny Novgorod refinery may lead to an even greater drop in gasoline production, potentially by 8-9 percent.
As the situation continues to unfold, experts and industry stakeholders are closely monitoring the developments in the fuel market to assess the long-term impact of these events.
