**Russian Gasoline Prices Hit Record High Amid Ukrainian Strikes on Oil Refineries**
The price of Ai-95 gasoline has reached a new record high on the St. Petersburg International Mercantile Exchange (SPIMEX), according to Russian news outlet Kommersant. This significant spike is attributed to ongoing Ukrainian drone attacks on oil refineries in Russia.
The price hike comes as Ukraine launched a series of drone attacks overnight on August 2, targeting industrial sites throughout Russia. These strikes hit facilities in Ryazan, Penza, Samara, and Voronezh oblasts, causing damage to an oil refinery in Ryazan Oblast. According to Kommersant’s source, the 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 complete.
This price increase is not a surprise, given Russia’s recent decision to impose a sweeping ban on gasoline exports until the end of August. This move aims to stabilize the domestic market, which has been affected by high prices and fuel shortages. The Russian government has resorted to temporary export bans multiple times over the past two years to address similar issues.
**Impact of Ukrainian Drone Strikes**
The ongoing drone strikes by Ukraine are a deliberate attempt to erode Russia’s energy profits, which finance Moscow’s full-scale invasion of Ukraine. By targeting oil refineries and depots, Ukraine aims to limit fuel supplies to the Russian military and disrupt the country’s energy sector.
This latest price hike is a direct result of these drone attacks, highlighting the ongoing conflict between Russia and Ukraine. The economic impact of this war will continue to be felt in both countries, as prices fluctuate and supply chains are disrupted.
**Market Reaction**
The market source cited by Kommersant believes that the recent Ukrainian attacks contributed to the increase in Russian gasoline prices. This sentiment is shared by many experts, who predict that prices will remain high until the end of August, when Russia’s export ban on gasoline expires.
As the situation continues to unfold, one thing is clear: the ongoing conflict between Russia and Ukraine has significant economic implications for both countries. The impact on gasoline prices is just one aspect of this complex issue, which will continue to be monitored by markets and analysts alike.
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