Russia lifts temporary ban on exports of gasoline amid saturation of domestic market
Date
5/20/2024 8:45:09 AM
(MENAFN) The Russian government has decided to lift its temporary ban on gasoline exports, according to a report by the RBC daily newspaper on Monday, which cited a source familiar with the decision. This information was confirmed by the Russian Ministry of Energy, as reported by Reuters. The ban, which had been in place for six months starting March 1, allowed exceptions for certain countries with direct government agreements with Moscow, such as Mongolia, and some members of a Russian-led economic union.
The Ministry of energy explained that the decision to lift the ban was influenced by the current saturation of the local market with oil and the completion of unscheduled maintenance work at the refineries. In a statement, the ministry noted, "The temporary ban on gasoline exports, which took effect on March 1, will be suspended due to the availability of sufficient supplies for the local market and the completion of maintenance work at the refineries." RBC, citing a source who did not specify the exact timing of the new decision, reported that the announcement would be made at the beginning of the week. The statement also mentioned that refineries and oil depots have accumulated enough gasoline stocks to fully meet the needs of the local market. As of May 15, these stocks included 2.1 million tons of gasoline and 3.4 million tons of diesel fuel.
This decision is part of the Russian government's broader efforts to stabilize the local market and ensure that fuel needs are adequately met, thereby allowing for the easing of previously imposed export restrictions. The strategic move to suspend the ban is aimed at balancing domestic supply with international trade demands, reflecting the government's proactive measures to manage the nation's fuel resources effectively.
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