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Russia will ban gasoline exports for 6 months

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Russia will ban gasoline exports for 6 months

Russia’s President Vladimir Putin visits a Rosneft refinery in the Black Sea town of Tuapse in southern Russia October 11, 2013.

Alexei Nikolskyi/Reuters

Russia will ban gasoline exports for six months starting March 1, Reuters reports.

The proposed ban aims to curb rising demand and keep domestic prices constant.

According to S&P Global, gasoline exports fell 27% in mid-February from a year earlier.

Russia wants to ban gasoline exports for six months to stabilize prices and counter rising demand for crude oil products.

The restriction, which comes into force on March 1, was confirmed by Alexander Novak, Russian President Putin’s appointed spokesman for the deputy prime minister and the key figure overseeing Russia’s vast energy sector. Reuters reported on Tuesday citing Russian news agency RBC.

The report added that Russian Prime Minister Mikhail Mishustin gave the green light to Novak’s proposed ban in a letter dated February 21, but the official decree is still pending.

The ban is aimed at meeting increasing domestic demand for petroleum products while protecting prices and supporting refiners in the Russian domestic market, Novak said.

With presidential elections approaching in March, local fuel prices in Russia have become a major issue for motorists and farmers. Meanwhile, Russian refineries have struggled with disruptions from Ukrainian drone strikes in recent months.

Since Russia invaded Ukraine in February 2022, many Tanker the world‘s second largest oil exporter from the West subject to sanctionsand S&P Global reported In mid-February, gasoline exports fell 27% year-on-year.

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