Russia considers possible ban on gasoline exports amid domestic market concerns
Date
7/16/2024 7:13:40 AM
(MENAFN) Alexander Novak, Deputy Prime Minister of Russia, indicated on Monday that the Russian government may decide by the end of July whether to reimpose a ban on gasoline exports starting from August. This decision hinges on the domestic fuel market conditions, particularly if shortages intensify and create tension within the country.
While Novak acknowledged that the current situation in the domestic fuel market remains stable, he pointed out specific challenges related to the availability of 95-octane gasoline, which is in high demand among Russian consumers. Efforts are underway to address these issues effectively.
Novak emphasized that if the situation escalates and strains on domestic fuel supply become pronounced, Russia would not extend the current allowance for gasoline exports beyond July. In late June, the Russian Energy Ministry had announced the continuation of gasoline exports without restrictions throughout July, extending a prior exemption from a partial export ban imposed earlier.
Earlier this year, Russia had implemented a six-month ban on gasoline exports starting from March 1, albeit with exemptions for member states of the Moscow-led economic union and countries with direct government agreements for fuel supplies, such as Mongolia. This export restriction was temporarily lifted last month until June 30, pending further evaluation of market conditions.
The potential decision to reintroduce export restrictions underscores Russia's proactive approach to managing its domestic fuel supply amidst fluctuating demand and supply dynamics. As discussions continue, stakeholders in the energy sector and beyond will closely monitor developments to gauge the implications for both domestic fuel availability and international market dynamics.
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