Fertilizer price surge due to Hormuz closure to trigger food price spike — Sechin

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.

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.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.