The head of Russia’s government, Mikhail Mishustin, has approved a six month ban on gasoline exports beginning March 1 this year. The decision was reported by sources cited by RBC.
The export restriction will be temporary and is not expected to alter the fixed volumes of gasoline supplies to member states of the Eurasian Economic Union as well as Mongolia, Uzbekistan, Abkhazia and South Ossetia.
Alongside the ban, authorities decided to raise the diesel trading standard on the stock exchange to 16 percent, according to the agency’s interlocutors.
RBC reports that Deputy Prime Minister Alexander Novak initiated the temporary export ban on gasoline and the higher trading standard for oil products on the exchange. Novak said the moves are needed to stabilize domestic prices and to counter rising demand for oil products within the country.
Earlier, fuel market expert Anastasia Bunina noted that Russian authorities plan measures through the end of March to curb price fluctuations seen by consumers, while forecasts suggested gasoline prices would resume their ascent in April.
Prior to these announcements, the Federal Antimonopoly Service (FAS) pursued lawsuits against independent gas stations and fuel depots over price increases observed in the market.
These developments come as analysts and industry participants monitor the potential impact on supply chains, regional pricing, and consumer costs in the near term. The government has signaled a willingness to use regulatory tools to dampen volatility in a market that has faced shifting demand and supply dynamics in recent months. [RBC]