Retail fuel prices in Russia rose by an average of 3% during the week of June 16 to 22, according to data from Rosstat. Bloomberg says this was the strongest weekly increase in at least the past 20 years. The Moscow Times noted that over the past three weeks, fuel prices in the country have increased by a combined 5%.
Rosstat said the average gasoline price climbed from 69.11 to 71.20 rubles per liter over the week, or 3.02%. AI-92 gasoline rose from 65.41 to 67.54 rubles (+3.26%), AI-95 from 71.11 to 73.20 rubles (+2.94%), and AI-98 from 95.38 to 96.51 rubles (+1.18%). Diesel fuel increased from 80.78 to 82.93 rubles, or 2.66%.
Over the latest week, gasoline price growth was recorded in 78 regions. Rosstat reported the sharpest increases in Dagestan (+16.5%) and Chechnya (+15.2%). In Moscow, prices rose by 1.9%, while in St. Petersburg they increased by 0.2%.
The highest gasoline prices were recorded, according to these figures, in annexed Sevastopol at about 90.85 rubles per liter, as well as in Tyva (90.63 rubles), Dagestan (87 rubles), Chechnya (86.15 rubles), and Kamchatka Krai (85.98 rubles).
Reasons for the crisis
Analysts at Energy Intelligence describe the fuel crisis Russia has faced this year as the “worst in two decades.” According to Reuters, after a series of Ukrainian strikes on oil refineries, gasoline production in Russia fell by 25% and is now about 20% below domestic demand.
Amid the shortage, filling stations across Russia introduced limits on fuel sales. Reuters also reported that Russia is in talks with Kazakhstan about importing around 50,000 tons of AI-92 gasoline.