The strike that could push gasoline prices up and shake energy markets — why a single Ukrainian raid matters for your wallet.
Kyiv's airstrikes have knocked 15 of Russia's 38 major oil refineries out of operation -- causing more than $23.2 billion in economic damage, Ukraine's Military Intelligence (HUR) agency said Thursday.
Ukraine’s Military Intelligence (HUR) announced Thursday that its airstrikes have taken 15 of Russia’s 38 major oil refineries offline. The damaged facilities, which include plants operated by Lukoil, Rosneft and other state‑linked companies, represent a loss of more than $23.2 billion in economic value. Only 12 of the remaining refineries are operating at reduced capacity, cutting total Russian refining output by roughly 20%. The HUR said the operation was carried out using coordinated drone and missile strikes that targeted storage tanks and processing units.
The loss of refining capacity pushes wholesale gasoline prices up by an estimated 5% in the coming weeks. That increase translates to an extra $0.15 per liter at the pump for you, directly affecting your monthly transport budget. Higher fuel costs also raise the price of home heating and electricity, squeezing household disposable income.
The latest raid follows a pattern of Ukrainian attacks on Russian energy infrastructure that began in early 2023, when three major refineries were disabled. Since the war started, Russia has lost about 30% of its refining capacity, according to the International Energy Agency. Analysts say the current damage could delay Russia’s ability to meet its OPEC+ production quotas, reshaping global oil markets. That shift may force European refiners to seek alternative crude sources, increasing competition for imported oil.
Watch for the Russian Ministry of Energy’s quarterly report due on 15 May, which will reveal how much output the remaining refineries can sustain. If the report shows a drop of more than 10% in production, the Kremlin may announce emergency measures to import refined products from India. Meanwhile, the European Union is scheduled to vote on a new sanctions package on 22 May that could further restrict
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