Moscow, Russia. Russian Deputy Prime Minister Alexander Novak instructed the energy ministry to draft a resolution banning gasoline exports from April 1, the government said on Friday. TASS earlier reported the ban would remain in place until July 31.
Government rationale and market conditions
Novak said turmoil in the global oil and oil products market, caused by the crisis in the Middle East, is leading to significant price fluctuations. He added that high demand for Russian energy resources in foreign markets remains a positive factor.
Domestic supply and processing volumes
Crude oil processing volumes remain at last year’s level, ensuring a stable supply of oil products, the government said in a statement.
Previous shortages and export curbs
Several regions in Russia and parts of Ukraine under Russian control reported gasoline shortages last year after Ukraine stepped up attacks on Russian oil refineries and amid a seasonal surge in fuel demand. Russia has repeatedly imposed curbs on gasoline and diesel exports to rein in rising fuel prices and tackle shortages.
Export volumes
According to industry sources, Russia exported nearly 5 million metric tons of gasoline last year, or about 117,000 barrels per day.
How could a gasoline export ban affect fuel availability and prices where you live?