Russian gasoline prices hit record high amid Ukrainian strikes on oil refineries, Russian media reports
The price of Ai-95 gasoline hit a new record high on the St. Petersburg International Mercantile Exchange (SPIMEX), the Russian state news outlet Kommersant reported on Aug. 4.
The spike in prices is reportedly linked to ongoing Ukrainian drone attacks on oil refineries in Russia.
Russian Ai-95 gasoline prices have surged to over 77,000 rubles ($946.6) per ton, Kommersant reports. A market source told the publication that Ukrainian attacks on Aug. 2 contributed to the increase.
Ukraine launched a series of drone attacks overnight on Aug. 2 targeting industrial sites throughout Russia. The strikes hit facilities in Ryazan, Penza, Samara and Voronezh oblasts, Ukraine's General Staff reported.
The attack hit an oil refinery in Ryazan Oblast, the military said.
According to Kommersant's source, these attacks damaged refineries that process about 40,000 tons of Russian crude per day. Repairs could potentially take anywhere from one to six months to repair.
The price hike comes days after Russia on July 28 imposed a sweeping ban on gasoline exports, in effect until the end of August. Reuters reported on July 24 that the aim of the ban is to stabilize the domestic market.
The Russian government has resorted to temporary gasoline export bans multiple times over the past two years, typically to address domestic fuel shortages and alleviate high prices. Russia boasts an annual gasoline production exceeding 40 million metric tons. Its primary importers of refined fuel are Egypt and Turkey.
Ukraine regularly launches drone strikes at Russian oil depots in an effort to erode the country's energy profits — which finance Moscow's full-scale invasion — and limit fuel supplies to the Russian military.
