A deadly explosion at a major Indian refinery exacerbated global fuel supply constraints, as European inflation accelerated to 5.0% driven by soaring retail fuel prices. Meanwhile, Washington extended its operating license for Serbian energy firm NIS, and Unibank joined the Armenian Solar Energy Association.
Global market
A deadly explosion and fire struck Mangalore Refinery and Petrochemicals Ltd.’s (MRPL) 15-million-tonne-per-year refinery in Mangaluru, India, killing one worker and injuring eight when a coker hydrotreater unit ruptured. The accident occurred as Indian refiners operated above normal capacity to offset Middle East fuel deficits. In Europe, Spain’s harmonized inflation rate surged to 5.0% in September from 4.6% in August, reaching a multi-year high due to rising fuel costs, according to statistics agency INE. In the UK, retail diesel prices exceeded £2 per liter for the first time. Concurrently, a Reuters survey raised the average 2026 Brent crude forecast to $89.05 per barrel, while US EIA data showed crude stockpiles rose by 900,000 barrels as diesel inventories fell 14% below average.
Russia & CIS
The US Treasury’s Office of Foreign Assets Control (OFAC) extended the operating license for Serbian energy company NIS through October 30, announced Serbian Acting Mining and Energy Minister Dubravka Djedovic-Handanovic. In legal enforcement, a Moscow court seized 44% of fuel operator EuroTrans’s shares valued at 3.7 billion roubles, belonging to board chairman Igor Martyshov, in a shadow fuel supply investigation. In Russian retail markets, average petrol prices declined by 2 kopecks to 78.5 roubles per liter, easing across 24 regions. Meanwhile, Caspian Pipeline Consortium (CPC) officials stated there is no current need to establish alternative crude oil transit routes.
Armenia
Unibank joined the Armenian Solar Energy Association to expand financing for renewable energy projects, news.am reported. Industry data indicated Persian Gulf crude exports reached a record 16.5 million barrels per day, though regional market disruptions continue to exert indirect pressure on broader Eurasian energy trade. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports and operations at the Armenian Nuclear Power Plant continue reliably under long-term EAEU trade agreements shielding domestic consumers from global price volatility recorded by international market price assessments.