Russia to decide whether to ban gasoline exports after soon

MOSCOW, Jul 28 (PRIME) -- The Energy Ministry will analyze gasoline exchange trade this week to decide whether it should ban exports, Minister Nikolai Shulginov told reporters on Wednesday.

When asked about when the ministry will decide on suspension of gasoline exports, he said, “We are to decide on that this week.”

“We are waiting because we want to understand whether the falling trend will be consistent. Based on that, we will be able to decide on a temporary export ban,” he said, adding that the ministry will look into the working week that ends on Friday.

The ban could last for at least three months. The ministry is fighting for contraction of the wholesale prices, as the margin of independent fuel filling stations is falling, he said.

Shulginov also said that the ministry was discussing an increase of the minimum volume of exchange sales of gasoline to 12% for oil companies from 11%. “The joint order is already on its way,” he said.

The exchange prices for gasoline hit several records in the week that started on July 19. On July 22, Shulginov said that the increase will not have a significant impact on the retail sector, but the ministry may ban exports of gasoline and increase the mandatory level of gasoline sales through the exchange to 15% of all the produced gasoline from 11%. After the statement, the exchange prices began falling.

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