Russian Gasoline Prices Inch Lower in Respite Amid Drone Strikes

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(Bloomberg) — Russia’s gasoline prices at the pump inched lower for the first time in more than a year, bringing some respite to consumers after intensified Ukrainian drones attacks on the country’s refineries helped push prices to record levels in the past few months. 

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Average retail gasoline prices across the nation edged down 0.2% to 65.34 rubles ($0.80) per liter over Nov. 6-10, compared with the Oct. 28-Nov. 5 period, according to data published by the Federal Statistics Service late Wednesday. That’s the first drop since March 2024, according to historic weekly data.

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Six out of eight of Russia’s federal districts — stretching from areas around the Black Sea, the Volga and Urals regions to Siberia — registered drops. The remaining two federal districts saw price increases, but at a slower pace.

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The drop in gasoline prices follows seasonally lower demand and some recovery in refinery runs as several Russian fuel producers completed maintenance or restored damage after drone attacks. In the last three months, Ukraine has stepped up its strikes on Russia’s oil-processing industry to curtail its energy revenue, with Moscow showing little interest in negotiating an end to the war it started in 2022.

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Since the beginning of August, Ukrainian drones targeted Russian refineries almost 40 times, compared with 21 strikes between January and July, according to public statements and data gathered by Bloomberg. That’s also more than the total number of Ukrainian drone strikes on the Russian downstream segment last year.

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As a result of refinery outages, gasoline shortages emerged in several regions across the nation. In response to record-high fuel prices at the Russian commodity exchange, the Russian government imposed a ban on gasoline exports until year-end and introduced some restrictions on exports of diesel.

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“The demand for motor fuel in the domestic market is fully met by supply,” the Energy Ministry said on Wednesday in a report from the state-run Tass news agency. “The situation on the market is stable, which is facilitated, among other things, by measures previously taken by the Russian government.”

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