The Russian government on Wednesday extended a ban on gasoline exports that was set to end on September 1 until the end of the year to ensure fuel price stability in the country during the high-demand season.
“From September 1 to December 31, 2024, a temporary restriction on gasoline exports will be in effect. The corresponding decree has already been signed,” the Russian government said in a statement, as quoted by EFE.
The director explained this decision by the need to “maintain a stable situation on the fuel market during a period of high demand and scheduled repairs at oil refineries.”
The authorities added that the embargo does not apply to fuel exported from the country for humanitarian purposes or for personal consumption by citizens, and does not apply to supplies provided for by intergovernmental agreements, including to countries of the Eurasian Economic Union.
The government stressed that there was no need at present for an embargo on diesel fuel, as had happened in previous months.
In July, Deputy Prime Minister Alexander Novak, responsible for the hydrocarbon sector, defended the ban on gasoline exports along with an increase in production of this fuel, assuring that these measures guarantee the stability of the Russian market.
Russia banned the export of gasoline and diesel fuel in September last year as rising international fuel prices prompted Russian companies to increase exports, which, together with the progressive devaluation of the rouble caused by the war in Ukraine, led to higher prices.
The measure had the expected effect and caused a significant drop in gasoline and diesel prices in most Russian regions, allowing the government to resume diesel exports in October and gasoline exports in November 2023.
Subsequently, in February of this year, the Russian government again banned the export of gasoline, but not the export of diesel fuel; the embargo was lifted in May.
However, domestic gasoline prices have been rising since June and are approaching record levels in 2023, prompting export bans, so Russian authorities reinstated a new ban this month.