The Russian government said on Wednesday it would extend a ban on gasoline exports from October to the end of December 2024 to stabilize domestic supplies amid seasonal demand and scheduled refinery repairs.
Facing high fuel prices and shortages due to high crude oil prices and a weak Russian ruble, Russia banned the export of diesel fuel and gasoline in autumn 2023 to stabilize domestic fuel prices. Prior to the implementation of the ban, Russia had increased mandatory supply levels of gasoline and diesel fuel for automobiles to address supply shortages.
These bans lasted only a few weeks.
Russia reimposed a ban on gasoline shipments starting March 1 this year, but lifted the restrictions on May 20 as more refineries completed planned seasonal maintenance and emergency repairs after the Ukrainian drone attacks over the winter and early spring.
As for gasoline exports, the ban will be renewed on August 1, Russian Deputy Prime Minister Alexander Novak said last month.
“We have approved the embargo until September 1. Now, July is an exception. This exception will end on August 1. An implicit ban on the export of petroleum products and gasoline will be reinstated. In other words, from August 1 the ban will be re-implemented,” Russian news agency TASS quoted Novak as saying.
Then at the end of July, Moscow announced it would extend its gasoline export ban from August through October to meet rising domestic demand in the spring and summer.
“We will not lift the (gasoline) export ban in August to avoid problems in the coming months. It was also a fundamental decision to limit exports in September-October to ensure safety,” Russian Deputy Energy Minister Pavel Sorokin told TASS.
Article by Charles Kennedy of Oilprice.com
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