WORLD

Russia to ban gasoline exports for 6 months starting March 1

Published

10 months ago

February 27, 2024

Ummul Idris

Russia to introduce a six-month ban on gasoline exports starting from March 1, a spokesperson for Russian Deputy Prime Minister Alexander Novak said on Tuesday.

The move aimed to offset the growth in demand in spring and summer, the spokesperson said.

He said that another possible measure is to increase the diesel sales rate on the stock exchange to 16 per cent.

The restriction would not apply to the countries in the Eurasian Economic Union, he added.

Previously, Russia introduced a ban on gasoline exports from Sept. 21 to Nov. 17 in 2023, to stabilise the price situation in the domestic motor fuel market.

The ban was lifted after the domestic fuel market reached saturation and a supply surplus was established.

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Ummul Idris

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