17 Nov 2023 19:32

Government lifting temporary ban on gasoline exports from Russia due to saturation of domestic market - Energy Ministry

MOSCOW. Nov 17 (Interfax) - The Russian government has decided to lift the temporary ban on exports of gasoline from Russia starting on November 17, the Energy Ministry said. The ban on the export of petroleum products was introduced on September 21 as part of a set of measures to stabilize the price situation in the domestic motor fuel market.

"Over the past two months, while maintaining high volumes of oil refining at refineries, saturation of the domestic market was ensured and a surplus of motor gasoline was created, including in the exchange sales channel. As a result, since the beginning of the export ban, exchange wholesale prices for motor gasoline have fallen substantially. Stocks of motor gasoline amount to about 2 million tonnes," the Energy Ministry said.

The winter period is traditionally characterized by lower demand for gasoline and the completion of the cycle of repairs at refineries, the ministry said. "In order to prevent unloading of oil refineries and ensure high levels of production of marketable motor gasoline, as well as taking into account the stabilization of the price situation in the domestic market, it was decided to terminate the temporary ban on exports of motor gasoline," it said.

"Monitoring of production and price indicators will continue in order to possibly take prompt measures to provide fuel for the domestic market, including a return of the ban on exports of motor gasoline if necessary," the Energy Ministry said.