Russia’s Aviation Kerosene Price Hits Historic Record

The price of aviation fuel in Russia surged to a historic record. At the close of trading on August 20, a ton of aviation kerosene sold for 121,864 rubles on the Saint Petersburg International Mercantile Exchange, The Insider reported.

This figure is significantly higher than the previous record. The sharp rise in fuel prices is attributed to the increasingly limited supply of aviation kerosene on Russia’s domestic market.

Prices are also rising on the over-the-counter market. Experts link this to growing seasonal demand for aviation fuel, maintenance work at some oil refineries, and increasingly complex supply logistics.

The Russian government has temporarily restricted aviation kerosene exports to stabilize fuel supplies on the domestic market. The ban took effect on June 2 and will remain in force until November 30.

Earlier, aviation kerosene prices also reached a record level in May. At the time, exchange quotations approached 97,000 rubles. They have now exceeded 120,000 rubles.

The situation on the global oil market is also contributing to the price increase. Rising oil prices amid the armed conflict in the Middle East have put additional pressure on aviation fuel prices in Russia. In addition, disruptions and attacks affecting Russian oil refineries have further strained fuel supplies.

At the same time, Russia’s Ministry of Transport said in June that the country was not experiencing an aviation kerosene shortage. However, the new record prices on the exchange show that fuel remains a pressing issue for Russia’s domestic aviation market.