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Russia’s Diesel Prices Climb to a 2-Year High

OIL PRODUCTS

Russia’s retail diesel prices climbed by 0.15% to 65 roubles/l in the week to April 8, the highest since September 2022, according to Bloomberg citing Rosstat data.

  • When prices had previously rose to these levels, the government initiated a temporary export ban.
  • Oil products are under pressure in Russia as around 15% of its refinery capacity has been idled by Ukrainian drone strikes on its facilities.
  • Diesel production in the week to April 7 was down 2.1% to 1.585m mt.
  • Deputy PM Alexander Novak has instructed oil producers to maximise gasoline and diesel supplies to the domestic market and told refineries to actively use spare capacity.
  • The Kremlin had previously said there was no need for a diesel export ban. However, a temporary ban has been in place for gasoline exports since March 1 and will last till Aug. 31.
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