Russian oil refineries earned more than $10 billion in half a year despite drone attacks
Russian oil refineries earned 938 billion rubles, or about $10.4 billion, in the first six months of 2026. This is 16.2% more than in the same period last year.
Despite the fact that Ukrainian drone strikes have knocked out about 20% of Russia’s oil refining capacity, the industry’s profits are estimated to grow even further in the third quarter.
The main factors driving revenue growth are said to be high wholesale prices on the St. Petersburg International Commodity and Raw Materials Exchange and a significant increase in government subsidies to keep domestic fuel prices in check.
Wholesale prices for Russian petroleum products began to rise as early as March.
The price index for light petroleum products has risen by 37% since the end of February, including a 10% increase since the end of June.
At the same time:
AI-92 gasoline has risen in price on the exchange by 18% since the end of February;
AI-95 gasoline has risen by 16%;
and diesel fuel has risen by about one-third.
In July, exchange prices reached record highs. A metric ton of AI-95 gasoline cost 82,600 rubles ($917), and a metric ton of diesel fuel cost 77,600 rubles ($862).
In September, a new record was set for AI-92 gasoline—73,100 rubles ($812) per metric ton.
Against this backdrop, the adjustment in raw material costs, combined with rising prices for finished petroleum products, created conditions for an increase in margins for Russian oil refiners.
At the same time, subsidies from the Russian budget—paid to companies to keep domestic fuel prices in check—are also increasing.
In the second quarter, these payments totaled nearly 350 billion rubles ($3.88 billion) per month.
According to the data provided, the volume of budget compensation rose to 500 billion rubles ($5.55 billion) in July and August.
Analysts expect that in the third quarter, refiners’ net margins could increase by 45%.
In that case, it will reach:
35,000 rubles ($388) per metric ton of gasoline;
48,000 rubles ($533) per metric ton of diesel fuel.
According to these estimates, the resulting profits could offset rising raw material costs, operating expenses, and losses associated with forced repairs following the attacks.
At the same time, since the beginning of 2026, retail prices for gasoline in Russia have risen by 21.2%, and for diesel fuel—by 18.4%.
According to estimates by the General Staff of the Armed Forces of Ukraine, the Russian oil industry’s total losses from drone attacks since August 2025 have reached $13.5 billion.
According to Ukrainian sources, direct losses to the oil and gas sector from drone strikes in 2025 exceeded 100 billion rubles ($1.11 billion).
When lost profits and indirect losses are factored in, the total losses, according to this estimate, exceeded 1 trillion rubles ($11.1 billion).
In addition, Russian oil companies are forced to spend additional funds to protect their facilities from drone attacks.
On September 16, it was reported that two large oil refineries operated by the Russian company Rosneft—in Syzran and Saratov—had completely halted crude oil processing due to a series of drone attacks.
Earlier, following a Ukrainian drone attack on August 21, the Perm Oil Refinery—Russia’s seventh-largest refinery by capacity—shut down operations. The attack caused a fire and damaged processing facilities.
Thus, despite large-scale disruptions at individual facilities and significant costs resulting from the attacks, Russian oil refineries posted profit growth in the first half of 2026 thanks to high fuel prices and increased government support for the industry.
This was reported by The Moscow Times.
On the night of September 17, drones attacked Yaroslavl, Russia. According to monitors, an oil refinery was hit.
Rosneft’s Syzran and Saratov oil refineries completely halted oil processing due to damage caused by drone attacks. The Syzran refinery ceased operations on September 15, and the Saratov refinery on September 11.
Prior to this, Moscow had imposed limits on the sale of gasoline and diesel.
Video: The refinery caught fire after the attack in Orsk.
Earlier, the General Staff confirmed a strike on the TANECO oil refinery in Tatarstan.
