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    World

    Russia lifts restrictions on gasoline export amid surplus

    Russia lifts restrictions on gasoline export amid surplus

    The Russian government has announced the lifting of restrictions on the export of motor gasoline effective from November 17, as reported by the Ministry of Energy of the Russian Federation.

    Photo: Russia lifts restrictions on gasoline export amid surplus  
    Source: Freepik

    The ban was initially imposed to saturate the domestic fuel market and bring about a reduction in prices. The maintenance of oil refining volumes during this period resulted in a surplus, with gasoline reserves reaching 2 mn tons.

    Despite the lifting of the ban, the government has assured that it will continue to monitor fuel prices and production indicators. The Ministry of Energy has stated that it does not rule out the possibility of reimposing export restrictions if deemed necessary.

    Photo: Russia lifts restrictions on gasoline export amid surplus  
    Source: Reuters

    The decision to limit the export of Russian gasoline and diesel was made by Prime Minister Mikhail Mishustin on September 21. The Ministry of Energy justified this decision as a measure to saturate the domestic market and stabilize fuel prices.

    By October 4, Deputy Prime Minister Alexander Novak acknowledged the effectiveness of these measures. From October 6, the authorities permitted the export of diesel by sea via pipelines to ports, provided that at least 50% of the fuel is sold domestically.

    Photo: Russia lifts restrictions on gasoline export amid surplus  
    Source: Time

    In November, Energy Minister Nikolai Shulginov revealed that the government was considering lifting the remaining restrictions. Concurrently, Reuters reported that oil producers were preparing for the lifting of the bans.

    Zhurabek Mirzamakhmudov, the head of the Ministry of Energy of Uzbekistan, stated that the restrictions on the export of Russian gasoline and diesel did not impact supplies to the republic.

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    18.11.2023, 15:14   Comments (0)   1467
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