{"id":185290,"date":"2025-06-15T02:49:09","date_gmt":"2025-06-15T02:49:09","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/185290\/"},"modified":"2025-06-15T02:49:09","modified_gmt":"2025-06-15T02:49:09","slug":"russian-economy-meltdown-as-petrol-prices-soar-18-amid-staggering-inflation-world-news","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/185290\/","title":{"rendered":"Russian economy meltdown as petrol prices soar 18% amid staggering inflation | World | News"},"content":{"rendered":"

The Russian economy<\/a> faces another devastating blow as petrol prices soar, with retail costs having risen by 18% over the past year. The Foreign Intelligence Service has forecasted that prices will surge by at least another 8% by the close of 2025. This comes amid shocking levels on inflation<\/a> \u2013 9.5% in 2024 and already 10.2% in just the first four months of this year.<\/p>\n

There has also been a 4% increase in fuel excise duties, reduced government subsidies for oil firms, and a rise in tariffs on Transneft – a Russian oil transportation company. This surge in fuel expenses could trigger further hikes in consumer prices across the country, as petrol directly impacts the cost of transport<\/a>, production, and retail trade.<\/p>\n

Russia<\/a> also significantly cut its seaborne petrol exports last month, slashing them by nearly half year-on-year.<\/p>\n

In May, it exported 133,000 tonnes of petrol by sea, according to the Price Index Centre – 63% less than the previous month and 47% less than May 2024.<\/p>\n

This issue has been exacerbated by ongoing repairs at major refineries<\/a>, such as Komsomolsk, Ufa, and Volgograd. These alone have cost Moscow 72,000 tonnes of gasoline production.<\/p>\n

Despite the overall decline, exports to Africa increased to 90,000 tonnes in May – 17% more than in April and 90% more than May 2024.<\/p>\n

Russian oil also took a staggering \u00a33 billion hit in the first three months of 2025 as the country’s most vital export is hammered<\/a>.<\/p>\n

From January to March this year, the industry reported a loss of $4 billion (\u00a32.9 billion) compared to a $4 billion profit last year, according to the Centre for Strategic Communication and Information Security of Ukraine<\/a>.<\/p>\n

Amidst sanctions and dwindling revenues, another spike in petrol prices will only increase inflationary pressure on the Russian economy.<\/p>\n","protected":false},"excerpt":{"rendered":"The Russian economy faces another devastating blow as petrol prices soar, with retail costs having risen by 18%…\n","protected":false},"author":2,"featured_media":185291,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,476,2661,26252,39109,332,2044,36461,36462,36465,75906,16,15],"class_list":{"0":"post-185290","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-inflation","11":"tag-oil","12":"tag-oil-exports","13":"tag-petrol-prices","14":"tag-russia","15":"tag-russian-economy","16":"tag-russian-economy-meltdown","17":"tag-russian-inflation","18":"tag-russian-oil-prices","19":"tag-russian-petrol-prices","20":"tag-uk","21":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114685107483567756","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/185290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=185290"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/185290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/185291"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=185290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=185290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=185290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}