Government cancels summer diesel fuel export prohibition

MOSCOW, Nov 23 (PRIME) -- The government will lift a ban on export of summer diesel fuel because of the market saturation, the Energy Ministry said in a statement late on Wednesday.

“The government of the Russian Federation has made a decision to lift the temporary ban on exports of summer diesel fuel,” the statement read.

Since introduction of the ban, the wholesale prices for summer diesel fuel contracted on the exchange, while its reserves increased by 14% to more than 3.2 million tonnes, the ministry said.

The government prohibited exports of gasoline and diesel fuel on September 21 to curb the growth of its exchange prices, but on October 6 it partially lifted restrictions on exports of diesel fuel to the ports via pipelines for companies that sell at least 50% of the fuel in Russia.

It also slapped a prohibitive export duty for the companies that don’t produce their own fuel.

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