Report: Govt decides against banning gasoline exports for now

MOSCOW, Aug 10 (PRIME) -- The Russian government has decided against introducing emergency measures to stabilize exchange prices for fuel, including a ban on gasoline exports and agreements with oil companies, Kommersant business daily reported late on Monday citing sources.

Deputy Prime Minister Alexander Novak held a meeting with representatives of oil companies to discuss the current situation on the fuel market. “They may have discussed introduction of a ban on exports that the Energy Ministry suggested at the end of July, and also fuel agreements,” the daily reported.

One of the sources told Kommersant that the arguments against the measures included an alleged trend for a lower export parity price as the oil price fell below U.S. $70 per barrel. Oil companies also agreed to ramp up the exchange offer of fuel. After the meeting, the authorities once again recommended that oil companies raise exchange sales of gasoline, Kommersant reported.

The exchange prices for fuel in Russia have been growing since the beginning of the year, and they have grown about 20% since January 1. In June–July, the prices have hit record highs several times, so the government started discussing a ban on gasoline exports and a serious increase in mandatory fuel sales through the exchange.

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