Russia cancels gasoline export ban

The Russian government made the decision to lift from November 17 the temporary ban on motor gasoline exports, introduced on September 21 as part of measures to stabilize the price situation on the domestic engine fuel market, the Russian Energy Ministry said.

According to the ministry, the decision to cancel the ban was made after saturating the internal market with fuel and creating the surplus offer. Gasoline inventories stand at about two million metric tons now and wholesale prices declined significantly from the September level.

"Saturation of the domestic market was supported and motor gasoline surplus offer was created, including in the commodity exchange sales pipeline, over the past two months, with maintained high volumes of oil refining at refineries. As a result, commodity exchange wholesale prices declined significantly for motor gasoline since the start of the export ban. Motor gasoline inventories are about two mln metric tons now," the statement reads.