July 14, 2024
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Russia Bans Gasoline Exports For Six Months

Russia has announced plans to introduce a six-month ban on gasoline exports effective Friday, March 1, a spokesperson for Russian Deputy Prime Minister, Alexander Novak, said.

The move according to Energy News Africa, aimed to offset the growth in demand in spring and summer, the spokesperson said.

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He said that another possible measure is to increase the diesel sales rate on the stock exchange to 16 per cent.

The restriction would not apply to the countries in the Eurasian Economic Union, he added.

Previously, Russia introduced a ban on gasoline exports from September 21 to November 17, 2023, to stabilise the price situation in the domestic motor fuel market.

The ban was lifted after the domestic fuel market reached saturation and a supply surplus was established.

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