Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

US pump prices set to climb on Russian refinery outages

Published 04/01/2024, 03:43 PM
Updated 04/01/2024, 03:46 PM
© Reuters. FILE PHOTO: A gas pump is inserted inside an Audi vehicle at a Mobil gas station in Beverly Boulevard in West Hollywood, California, U.S., March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guan/File Photo

By Shariq Khan and Laura Sanicola

(Reuters) - Gasoline prices for U.S. motorists could jump by as much as 15 cents a gallon, with global fuel supplies tighter after Ukraine's recent attacks on Russian refineries, Patrick De Haan, petroleum analyst at said on Monday.


Rising gasoline prices could hinder the U.S. government's fight against inflation. Higher pump prices already contributed to a solid jump in consumer and producer prices in February.


Motor fuel prices tend to rise seasonally this time of year as vacationers take to the roads and the U.S. switches to more-expensive summer grade gasoline. This year, Russian refinery outages could boost U.S. pump prices by an additional 5 to 15 cents a gallon from GasBuddy's previous April forecast of between $3.36 and 3.67 per gallon, De Haan said.

Any additional supply shocks, like unplanned outages at major U.S. refineries, could push domestic gasoline prices above $4 a gallon for the first time since 2022, De Haan said.


According to Reuters calculations, around 14% of Russia's refining capacity has been shut down by drone attacks, and the country has banned gasoline exports for six months while increasing imports from neighboring Belarus in March to address possible fuel shortages.

Russian exports of clean products like gasoline and diesel are due to drop 30% to 1.2 million barrels per day in April, according to an analysis of Kpler shipping data.

© Reuters. FILE PHOTO: A gas pump is inserted inside an Audi vehicle at a Mobil gas station in Beverly Boulevard in West Hollywood, California, U.S., March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guan/File Photo

The total U.S. gasoline stockpile stood at 232.1 million barrels as of March 22, 1% lower than the past five year's average at this time of the year.

Gasoline prices averaged $3.536 a gallon at pumps across the U.S. on Monday, up 6% from a month ago and 1% above the same time last year, data from motorist group AAA showed.

Latest comments

Patrick De Haan is a condescending drunk who regurgitates with the oil industry feeds him.
Gas prices here has nothing to do with refineries in Russia. Didn't we stop getting oil from them 2 years ago?
refineries will be winners but oil sales will decline as consumers pull back.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.