Russia temporarily bans petrol-diesel exports to stabilize domestic market

Fuel In Russia: Russia has temporarily banned exports of petrol and diesel to all countries outside the circle of former Soviet states with immediate effect to stabilize domestic markets. The temporary restrictions will help stabilize the fuel market, which in turn will lower prices for consumers, the Kremlin said in a statement.

The energy ministry said the move would prevent unauthorized “grey” export of motor fuel. Diesel prices in Europe rose 5% to over $1,000 a tonne.

special for you

Petrol and diesel have been in short supply in Russia in recent months. Wholesale fuel prices have increased, although retail prices have been limited to keep them in line with official inflation. Brent crude prices are approaching $100 a barrel and rose 1% to $94 on Thursday. The government said the ban did not apply to fuel supplied under intergovernmental agreements with members of the Moscow-led Eurasian Economic Union, which includes Belarus, Kazakhstan, Armenia and Kyrgyzstan.

Traders say factors including maintenance at oil refineries, disruptions in railways and the weakening of the ruble, which promotes fuel exports, have hit the fuel market.

Russia cut its marine diesel and gasoil exports by nearly 30% in the first 20 days of September compared with the same period in August, according to data from traders and the London Stock Exchange.

The Kremlin statement added: Earlier, in order to stabilize the situation on the fuel market, the government increased the mandatory supply volume of motor gasoline and diesel fuel in the commodity exchange, daily monitoring of fuel purchases for the needs of agricultural producers with immediate adjustment. Volumes are also set.

Download Gujarati Jagrani News App for fast and reliable news.

To get news on WhatsApp, click here and join the group

Click here to follow us on Facebook.

Click here to download our news app..

Source link

Leave a Comment