Rates for Russian fuel at the German border last month jumped the most in seven years, extending their gain since September to almost 50 percent, according to the International Monetary Fund. The price of fuel from Moscow-based Gazprom PJSC may increase further even as prices on traded hubs decline, according to analysts including Deutsche Bank AG.
That's bad for European utilities from Italy's Eni SpA to France's Engie SA, which are already grappling with a slump in power prices and the need to spend billions on upgrading grids and old plants. While the Russian supplier says changes in its export price reflect moves in both oil and gas-hub rates, a link with crude still dominates, Deutsche Bank analyst Pavel Kushnir said.
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