Gasoline in Russia increased in price by 17.5% in May

Manufacturers of motor gasoline raised prices for their products by 17.5% in May, Rosstat reports. During the same period, the cost of crude oil rose by 4.5%.

During the first full week of June — from June 3 to June 9 — gasoline prices in Russia rose by an average of 0.3%. Fuel prices increased in 58 regions of the country.

Update. The Russian government explained the rise in gasoline prices by the fact that "wholesale prices are being restored to a level close to the export alternative," Interfax reports. The Cabinet emphasized that the current exchange price for gasoline is 7% lower than a year ago.

• The Independent Fuel Union warned the government in May that a new jump in gasoline prices was possible in Russia. According to the organization, wholesale prices for AI-92 and AI-95 gasoline on the exchange increased by an average of 20% from April 15 to May 15.
• In June 2018, after a sharp jump in gasoline prices , the largest oil companies agreed to temporarily freeze fuel prices. The agreement is valid until July 1, 2019.
• In May, the Federal Antimonopoly Service reported that some oil companies had violated the terms of the gasoline price freeze, in particular, by failing to increase fuel supplies to the domestic market.