ST. PETERSBURG, June 6. /TASS/. Fertilizer prices rising by nearly 60% due to potential blockage of Strait of Hormuz will lead to spike in food prices over next six months, Executive Secretary of presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said.
"In first four months of this year alone, fertilizer prices surged by almost 60%, which cannot but trigger jump in food prices over next six months. Consequences are universal in nature, but India, African countries, and Southeast Asia prove most vulnerable," he said while speaking at SPIEF.
According to Sechin, besides oil and gas, significant volume of other exports, including fertilizers, passes through Strait of Hormuz. Supply disruptions, along with lack of strategic reserves in these markets, increase risks of global food crisis, Rosneft chief noted.
The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.
