Russia stops exporting gasoline and diesel, insists there is no fuel shortage

On September 21, the Russian government introduced temporary restrictions on gasoline and diesel exports to stabilize the domestic market.

Nga dừng xuất khẩu xăng và dầu diesel, khẳng định không thiếu nhiên liệu

In recent months, Russian consumers have faced soaring wholesale gasoline and diesel prices. (Source: Bloomberg News)

The Russian Energy Ministry said it would stop the illegal export of “grey” motor fuel, adding: “The temporary restrictions will help saturate the fuel market and reduce prices for consumers.”

According to the ministry, in the past, to stabilize the situation in the fuel market, the government increased the volume of mandatory supply to the market.

In recent months, consumers in the country have faced soaring wholesale prices of petrol and diesel.

Russian Deputy Prime Minister Alexander Novak affirmed that the country has no fuel shortage, but admitted that there are some logistical problems in the summer.

Speaking to reporters on the sidelines of the TNF Industrial Energy Forum, Mr. Novak added that the increase in fuel prices was due to the increase in oil production costs on the global market, as well as the depreciation of the Ruble against the USD.

Meanwhile, traders said the fuel market has been affected by factors including maintenance at refineries, rail congestion and a weaker ruble, which encourages fuel exports.

Russia cut its seaborne exports of diesel and gasoline by nearly 30% to about 1.7 million tonnes in the first 20 days of September, compared with the same period in August, according to traders and official data.

Source