Petrol prices in Russia hit record high for second time
Petrol prices in Russia continue to rise sharply, despite the authorities' attempt to contain the surge by imposing a complete ban on fuel exports.
Source: The Moscow Times, an independent Amsterdam-based news outlet
Details: On Tuesday, the price of AI-95 petrol on the St. Petersburg International Mercantile Exchange set a historical record for the second consecutive time, reaching RUB 77,967 (approx. US$830) per tonne, up 1.2% in a single day.
AI-92 petrol also increased by 1.01% to RUB 67,314 (US$716) per tonne, approaching its absolute peak recorded in September 2023 at RUB 70,000 (US$745) per tonne.
On 28 July, the Russian government imposed a complete ban on petrol exports until the end of August, citing increased seasonal demand and ongoing agricultural fieldwork as the reasons for the decision.
Background:
- The price of AI-95 petrol on the St. Petersburg International Mercantile Exchange previously reached a historic high, surpassing RUB 77,000 (US$964) per tonne.
- On 2 August, the Ryazan oil refinery, operated by Russian oil giant Rosneft, halted roughly half of its processing capacity following a drone strike.
- Earlier reports indicated that petrol prices in Russia have been rising rapidly – retail prices increased by 18% over the past year. By the end of 2025, prices are expected to grow by another 8%.
- In May, Russia significantly reduced its seaborne petrol exports – the figure dropped by nearly 50% year-on-year.
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