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| In recent months, Russian consumers have faced soaring wholesale gasoline and diesel prices. (Source: Bloomberg News) |
The Russian Energy Ministry said in a statement that the country would stop the illegal export of “gray” motor fuel. The ministry added that: “The temporary restrictions will help saturate the fuel market, thereby reducing prices for consumers.”
According to the ministry, in the past, to stabilize the situation in the fuel market, the government increased the volume of mandatory supply to the market.
In recent months, consumers in the country have faced soaring wholesale prices of gasoline and diesel.
Russian Deputy Prime Minister Alexander Novak affirmed that the country has no shortage of fuel, but admitted that there were some logistical problems during the summer.
Speaking to reporters on the sidelines of the TNF Industrial Energy Forum, Mr. Novak added that the increase in fuel prices was due to the increase in oil production costs on the global market, as well as the depreciation of the Ruble against the USD.
Meanwhile, traders said the fuel market has been affected by factors including maintenance at refineries, rail congestion and a weaker ruble, which encourages fuel exports.
Russia cut its seaborne exports of diesel and gasoline by nearly 30% to around 1.7 million tonnes in the first 20 days of September, compared with the same period in August, according to traders and official data.
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