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| Russia lifts ban on diesel fuel exports. (Source: DPA) |
The Russian Energy Ministry said in a statement: “The Government of the Russian Federation has decided to lift the temporary ban on the export of summer diesel fuel, introduced on September 21 - part of a series of measures to stabilize the price situation on the domestic motor fuel market.”
The measures to temporarily ban fuel exports were taken in a timely manner, aiming to create additional volumes on the domestic market and stabilize prices, first of all in wholesale and retail trade, said Boris Kopeikin, First Deputy Director General of the Center for Strategic Research.
"The market is now gradually moving towards equilibrium, wholesale and retail prices have stabilized," Mr. Kopeikin affirmed.
Since September 21, the Russian government has imposed a temporary ban on gasoline and diesel exports to stabilize the domestic market, with some exceptions.
Then, on October 6, the Russian Federation lifted restrictions on exporting diesel fuel via pipeline to seaports for manufacturers supplying at least 50% of diesel fuel produced to the domestic market.
The government then lifted the temporary ban on motor gasoline exports on November 17.
Russian oil refineries have ensured sufficient domestic supplies over the past two months by maintaining high processing volumes and have had a surplus of gasoline in reserve, the Russian Energy Ministry said.
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