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Wholesale prices for petrol and diesel fuel increase in Russia

Friday, 15 March 2024, 21:08
Wholesale prices for petrol and diesel fuel increase in Russia
Photo: Getty Images

The wholesale price of petroleum products – petrol and diesel – in Russia has increased by 6-7%.

Source: enkorr with reference to data from the St. Petersburg International Mercantile Exchange

The price of AI-92 increased by RUB 3,158 (about US$34) to RUB 50,566 (about US$547) per tonne at the auction on 11-15 March, while the price for AI-95 rose by RUB 3,688 (about US$40) to RUB 61,425 (about US$664) per tonne. The largest price increase was observed during trading in summer diesel fuel. During the week, diesel fuel rose by RUB 3,985 (about US$43) to RUB 64,518 (about US$697) per tonne.

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The price increase comes amid attacks on Russian oil refineries. This week, Ukrainian UAVs hit the refining facilities of major Lukoil and Rosneft oil refineries located in Russia's Nizhny Novgorod and Ryazan oblasts. Also on 15 March, the Pervyy Zavod (lit. "First Plant") oil refinery in Kaluga Oblast was damaged.

The shutdown of Russian oil refineries comes ahead of the spring fuel demand growth and the start of the repair season. The situation with petrol supplies looks most critical, as Russia produces only 10% of the volume it needs. 

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