Consumer panic, refinery maintenance and seasonal demand have triggered a sharp rise in fuel prices in Russia since the summer, Energy Minister Sergei Tsivilyov said Sunday.
Gasoline prices in Russia have risen by 11.6% since the start of the year, driven largely by Ukrainian drone attacks that have damaged oil refineries and forced shutdowns at several major facilities since August.
“Messages about temporary shutdowns at some facilities also fueled panic buying and a jump in exchange prices,” Tsivilyov told the state-run news agency TASS in an interview.
Independent media analysis suggests Ukrainian drone strikes were the main factor behind Russia’s fuel crunch, having disrupted operations in at least 22 plants since August and leading to shortages at filling stations in at least 52 Russian regions.
Tsivilyov said government measures helped stabilize domestic wholesale gasoline prices, which hit repeated record highs in August and September.
He added that demand that typically falls in the fall as refinery repairs wrap up should help restore balance in the gasoline market.
Tsivilyov said authorities are preparing “additional measures to guarantee sufficient supply.”
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