Russia lifts temporary ban on exports of gasoline from Friday

MOSCOW, Nov 17 (PRIME) -- The Russian government will lift its temporary ban on exports of gasoline from Friday to prevent unloading of capacities of the oil refineries and to ensure consistency of commercial gasoline production, the Energy Ministry said in a statement.

Stability of internal prices for the fuel was also taken into account while making the decision, the ministry said.

Russia’s internal market is saturated with gasoline, and a surplus stock was created in the retail segment and on the commodity exchange. The reserve of automobile gasoline stands at about 2 million tonnes, the authority said.

The government may reinstate the ban if it becomes necessary.

“Monitoring of the production and pricing figures will be continued with the goal of a possible approval of swift measures to ensure saturation of the internal market with fuel. It includes a possible return of the ban on exports of automobile gasolines in case of necessity,” the statement read.

The Russian government banned 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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