Russian government imposes ban on petrol exports
Starting from 1 March, the Russian government will ban the export of petrol for six months and increase the share of diesel fuel sold on the stock exchange to 16%. They want to take such measures to combat rising fuel prices.
Source: Kremlin-aligned Russian news outlet RBC with reference to a government source, and Interfax with reference to Alexander Novak, the representative of the Russian Deputy Prime Minister.
According to RBC, Novak decided to impose a ban on gasoline exports. "To counter demand for petroleum products, it is necessary to take measures that help stabilise their prices on the domestic market," Novak said in a letter sent to the head of government.
The deputy prime minister reminded the public about the upcoming period of seasonal high demand for fuel, associated with spring field work, planned repairs at oil refineries, and summer holidays.
The temporary export ban does not apply to deliveries to the Eurasian Economic Union countries, namely Mongolia, Uzbekistan, and unrecognised Abkhazia and South Ossetia, which have already been approved.
Background:
In September 2023, Novak reported that the Russian government is ready to take drastic measures in the fuel market due to a record increase in wholesale prices.
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