Gasoline prices soar in Russia as Ukrainian drones strike oil refineries

Russians lack gasoline due to strikes on refineries
Russians lack gasoline due to strikes on oil refineries. Source: Freepik

Gasoline production at refineries in Russia has collapsed. As a result, stock prices for automotive fuel in the terrorist country have jumped by 20% in a month.

According to the Russian media, the sharp rise in prices on the Russian gasoline market is due to the attacks by Ukrainian drones on refineries that have become more frequent in Russia. Thus, on July 1, at the St. Petersburg International Mercantile Exchange, the price of Premium-95 gasoline reached its highest level since March and almost updated the record for more than 9 months – 63958 rubles (about $723) per ton.

Since the beginning of June, AI-95 has risen in price by almost 8 thousand rubles per ton or 22%. The rise in prices on the Regular-92 platform was slightly more modest, up 17% over the month, to RUB 54364 per ton.

While the demand for gasoline on the exchange was growing, oil companies reduced its sales in June. According to him, gasoline production at refineries last month was 7% lower than the government's plan, and oil companies were forced to sell off stocks: in the first half of the month, they decreased by almost 30 thousand tons.

OBOZ.UA also reported that the Russian government has decided to increase gas tariffs for all categories of consumers by 11.2% starting July 1, 2024, in order to support Gazprom, which suffered record losses in 2023. This increase is the largest in the last 11 years and will significantly affect the financial situation of citizens, increasing their utility bills.

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