Russia says fuel export ban to continue until local market stabilizes

The ban that Russia imposed on gasoline and diesel fuel exports will remain in place until fuel supplies and prices stabilize on the domestic market, Russia’s TASS news agency quoted Russian Energy Minister Nikolay Shulginov as saying on Thursday.

The Russian government decided on Sept. 21 to limit the export of gasoline and diesel fuel to balance the local market.

According to Shulginov, the government, institutions, and pertinent enterprises will continue to closely monitor the fuel oil market in order to maintain a balance between producers and consumers on the Russian fuel market.

To this end, the Russian Ministry of Energy is monitoring fuel supply to agricultural producers for cost and volume control.

The minister noted that they expect further stabilization of the market and a reduction in prices in the small wholesale and retail segments.

‘Oil companies have been given appropriate recommendations to accelerate the transfer of the fall in wholesale to small wholesale,” he said.

Russia, one of the largest global oil producers, exports nearly 900,000 barrels per day (bpd) of diesel fuel and 100,000 bpd of gasoline. Last year, the country’s diesel exports totaled 35 million tons and gasoline exports amounted to 4.8 million tons.

• Russia
• TASS news