Russia reintroduces ban on petrol exports till year end

3 months ago 36

By AFP

14 August 2024 | 11:22 am

The Russian government announced Wednesday that it was reintroducing a ban on petrol exports for another six months to "maintain a stable situation" on the domestic fuel market after major price hikes. READ ALSO:Dangote: We have not fixed petrol price The government said in a statement that it has "brought in a restriction on…

The Russian government announced Wednesday that it was reintroducing a ban on petrol exports for another six months to “maintain a stable situation” on the domestic fuel market after major price hikes.

The government said in a statement that it has “brought in a restriction on exports of petrol from September 1 to December 31, 2024”.

The measure is intended to keep prices stable “during a period of continued seasonal demand and planned repairs on oil refineries”, the government said.

Russia in March introduced a six-month ban on petrol exports, but then suspended it temporarily between May and July, saying the domestic market was saturated.

The new restriction will not affect deliveries carried out under intergovernmental agreements including those with the Eurasian Economic Union member countries — Belarus, Kazakhstan, Kyrgyzstan and Armenia — the government said.

Despite its massive energy reserves, Russia announced a similar export ban on diesel and petrol last year as pump prices hit Russians’ purchasing power, already affected by weakening of the ruble due to sanctions.

In 2023, Russia produced 43.9 million tonnes of petrol, according to official figures.

Revenues from oil and gas sales remain essential to Moscow as it gears its economy towards efforts to sustain the military offensive in Ukraine.

In recent months, Ukrainian forces have targeted fuel depots with drone attacks, cutting off vital resources for Russia’s forces.

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