Gas Prices in Russia Rise by 2.3%, Oil Refining Hits Record Low

Retail gasoline prices in Russia increased by 2.3% in the week from July 7 to July 13, reaching 75.84 rubles per liter. Diesel fuel prices rose by 3.2%, amounting to 91.21 rubles per liter. In Moscow, the average price of gasoline was 72.84 rubles, while in St. Petersburg it was 70.75 rubles. Since the beginning of the year, gasoline prices have increased by 16.4%, and diesel by 18%, significantly exceeding the inflation rate of 4.64%. Due to attacks by Ukrainian drones, oil refining volumes in Russia have fallen to their lowest level in 21 years, with refining since June averaging only 3.8 million barrels per day, which is one-third less than last year. In response to the crisis, the government has imposed a ban on the export of diesel fuel and gasoline, as well as limits on fuel sales at gas stations. The Central Bank of Russia has warned of rising inflation risks due to the increasing cost of fuel, which may affect monetary policy. The government is also prioritizing fuel allocation for food delivery amid shortages.