Russia bans gasoline exports.

Russia today ordered a six-month ban on gasoline exports, starting March 1, to stabilize prices and allow its refineries to undergo maintenance.

Today, a spokesperson for Russian Deputy Prime Minister Alexander Novak confirmed that the country will ban the export of gasoline.

RBC , citing sources close to the matter, reported that Prime Minister Mikhail Mishustin approved the ban after Novak submitted it on February 21. "Due to the sharp increase in demand for oil products, this measure is necessary to stabilize domestic prices," Novak stated in the proposal. The ban will begin on March 1 and last for six months.

Gasoline prices are crucial for Russian drivers and farmers, as Russia is the world's largest wheat exporter. In recent months, several of the country's refineries have also been affected by attacks from Ukraine.

Oil, natural gas, and petroleum products remain Russia's largest export items, providing the primary source of foreign exchange revenue. The country's GDP is currently around $1.9 trillion.

The Kremlin is also cooperating with Saudi Arabia, the world's largest oil exporter, to keep prices high. This is a common goal of the Organization of Petroleum Exporting Countries and its allies (OPEC+). Russia is currently voluntarily cutting its oil exports by 500,000 barrels a day in the first quarter of 2024.

In September 2023, Russia also imposed a ban on the export of gasoline and diesel fuel due to domestic supply shortages and high fuel prices. In just three weeks, wholesale diesel prices in Russia fell by 21%. Gasoline prices dropped by 10%. Their ban also drove up global prices, forcing some buyers to seek alternative sources of gasoline and diesel.

By October 2023, they eased the ban on diesel sales, and in November, they lifted the ban on gasoline. This was due to maintaining high refining output, ensuring domestic supply, and lowering wholesale prices.

In 2023, the country produced 43.9 million tons of gasoline and exported 5.76 million tons, equivalent to 13% of its output. The largest importers of this commodity were the UAE and African countries such as Nigeria, Libya, and Tunisia.

Ha Thu (according to Reuters)

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