2024-02-29 03:12:58
Gasoline and diesel are costing more and more on Russia’s raw material exchanges. Now, according to a media report, the government is intervening shortly before the election to stabilize prices.
According to media reports, the Russian government has largely banned the export of gasoline and diesel for six months. The export ban signed by Cabinet Chief Mikhail Mishustin will come into force on Friday in order to compensate for the expected higher demand in the country itself, the Internet portal RBC reported, citing government circles.
At the same time, oil companies will in future sell at least 16 percent of their diesel production on the Russian stock exchange.
Export ban is intended to stabilize domestic prices
The initiative comes from the deputy head of government responsible for energy, Alexander Nowak. Fuel requirements increase in the spring due to field work and in the summer due to the holiday season. At the same time, several refineries were undergoing scheduled repair work.
The export ban therefore allows prices on the domestic market to be stabilized, says Nowak in a letter. Moscow had already banned exports of diesel and gasoline last fall. Exports to the countries of the Russian-dominated economic union Armenia, Belarus, Kazakhstan and Kyrgyzstan as well as Mongolia and Uzbekistan are not affected by the ban.
EU no longer buys Russian oil products
According to RBC, prices on the Russian commodity exchanges for various types of gasoline and diesel have risen between 8 and 23 percent since the beginning of the year. The price increase has not yet reached the petrol stations.
Russia is a significant player on world markets, particularly in diesel production. The EU banned the import of oil products from Russia last year. But at the same time, countries like Turkey and Brazil have bought significantly more diesel.