Russia decides to continue allowing unrestricted gasoline exports in July
Date
6/30/2024 4:29:48 AM
(MENAFN) On Saturday, the Russian energy Ministry announced the government's decision to continue allowing unrestricted gasoline exports in July, thereby extending the exemption from a partial ban on international fuel sales. Initially, Russia had implemented a six-month ban on gasoline exports beginning March 1, excluding member states of an economic union led by Moscow and certain countries with direct governmental agreements on fuel supplies, such as Mongolia. The export restrictions were first lifted temporarily last month until June 30.
The ban was instituted as a preemptive measure to mitigate potential fuel shortages and curb rising prices in the wake of technical power outages and drone attacks on refineries launched by Ukraine. These proactive steps were deemed necessary to stabilize the domestic fuel market and ensure sufficient supply.
In 2023, Russia produced a total of 43.9 million tons of gasoline, with exports amounting to approximately 5.76 million tons, representing about 13 percent of its total production. The extension of the export exemption reflects the government's ongoing efforts to balance domestic fuel needs with international market demands while maintaining economic stability amid geopolitical tensions.
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