Russia to hold emergency talks with oil firms as fuel prices surge, media reports
The Russian government will convene an emergency meeting with top oil companies on Aug. 14 to address soaring fuel prices, Russian pro-government outlet Interfax reported on Aug. 12.
The move comes as gasoline prices in Russia have jumped nearly 50% since the start of the year, with Ai-95 setting record highs for five consecutive days.
Officials are reportedly weighing measures to keep retail gasoline prices from outpacing inflation, including increasing fuel sales quotas on the exchange. Russian Deputy Prime Minister Alexander Novak, who oversees energy policy, will lead the talks.
Sources told Russian pro-government media outlet Kommersant that shrinking reserves on the independent market have pushed prices to levels that cause losses for small gas stations, which must buy fuel on the exchange.
Gasoline prices have increased by 7% since early August, 32% since the start of summer, and 47% since January, according to the Saint Petersburg International Mercantile Exchange. Ai-92 gasoline is up 34% since late December, reaching its highest level since autumn 2023.
The price hike comes after Russia imposed a sweeping ban on gasoline exports, in effect until the end of August. According to Reuters, the ban aimed to stabilize the domestic market.
The surge in prices also comes as Ukraine continues long-range drone strikes on Russian oil refineries, key sources of revenue for Moscow's war. An oil refinery in Russia's Saratov Oblast owned by the energy giant Rosneft halted oil intake after an Aug. 10 strike sparked a fire.
Earlier this month, Ukrainian drones forced the Ryazan refinery to halve production and shut down the Novokuibyshevsk facility entirely, according to Reuters.
