Russia will not raise refinery gate prices for gasoline and diesel fuel exported to Mongolia, Mongolian government said on its website.

Mongolian Minister of Industry and Mineral Resources Damdinnyam Gongor held talks with Russian officials on fuel supplies.

"He met with Russian Energy Minister Sergey Tsivilev, Rosneft CEO Igor Sechin and Gazprom Neft CEO Alexander Dyukov. Following discussions on how to resolve the current situation, an agreement in principle was reached. Russia said it would supply fuel at domestic market prices. Minister Damdinnyam therefore announced that fuel and gasoline prices would not increase in May," the statement reads.

It was reported that the Mongolian authorities see a real threat to the country's fuel market and financial stability from the consequences of the military operation being conducted by the U.S. and Israel against Iran. Mongolia's economy, dependent on imports of petroleum products, will suffer from a global shock in the world market, which will trigger a fuel crisis that could last several months, according to the authorities.

At the end of March, it emerged that the Mongolian authorities had asked the government of Russia, which supplies 98% of all petroleum products to Mongolia, not to raise oil prices within the framework of bilateral trade, despite volatility in the global oil market. Mongolia forecasts that fuel prices on the domestic market could rise by up to 40% in the event of further increases in world prices.

Also, Mongolia and Kazakhstan have signed a memorandum of understanding on cooperation in the oil and gas sector, and are studying the possibility of supplying at least 1 million tonnes of Kazakh oil to Mongolia.

Published Date:2026-04-24