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- October 18, 202611°
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- October 18, 202611°
Russia extends gasoline export ban until end of 2024
Russian Deputy Prime Minister Aleksandr Novak announced that the moratorium on gasoline exports will continue until the end of the year. Novak noted that restrictions on diesel fuel exports could be lifted as the market situation improves.
The Russian government decided to extend the ban on gasoline exports to maintain stability in the domestic market. Deputy Prime Minister Aleksandr Novak announced that the moratorium on automobile gasoline exports will continue until the end of 2024.
Novak said, "At a meeting of the operational headquarters, we decided to extend the gasoline export ban for both producing and non-producing companies. So the ban will continue until the end of the year."
Easing of diesel export ban on the table
The Deputy Prime Minister, however, took a different stance on the diesel fuel export ban that has been in effect since July 8. Novak signaled that this restriction could be lifted in the near future depending on market conditions, stating, "As the market recovers, the diesel export embargo will be lifted."
These measures are intended to prevent oil refineries from facing an excess capacity problem and to maintain current crude oil processing volumes.
Reduction in exchange sales norm under discussion
The Russian government is also considering a temporary reduction in the mandatory sales norms for fuel on exchange platforms. Novak stressed that the proposal to lower this norm to 2 percent is being discussed within the operational headquarters and will soon be implemented through regulatory measures.
The reduction aims to allow fuel supplied through direct contracts to be counted toward exchange obligations during the current shortage.
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