Russia banned exports of gasoline and diesel fuel with immediate effect, in order to stabilise the domestic market, the Russian state news agency Tass reported, while the Russian decision affected oil prices.
Oil prices rebounded on Friday, clawing back some earlier losses over fresh supply concerns after the Russian restrictions, according to the Turkish state news agency Anadolu. Supply cuts in Saudi Arabia and Russia of around 1.3 million barrels per day until the end of the year boosted prices that hovered around $95 a barrel.
Kremlin said that the restrictions are temporary and began on September 21 “from the date of its official publication,” but the document does not specify the expiration date of the restrictions.
The restrictions do not apply to supplies from Russia to the Eurasian Economic Union (EAEU).
“The Russian government rules to establish, from the date of entry into force of this resolution, a temporary ban on the export of commercial gasoline <…> and diesel fuel <…>, from the Russian Federation including purchases made via exchange trading,” the Kremlin document says.
The restrictions do not apply to the transportation of fuel by individuals for personal use, gasoline and diesel in storage containers for use on the road, deliveries to South Ossetia and Abkhazia, as well as fuel already undergoing customs procedures.
Last week, a source told Tass that the Russian government is considering two options for stabilizing fuel prices: a complete ban on the export of petroleum products for a certain period to saturate the market, as well as increasing the export duty to $250 per ton on petroleum products.
Russia’s First Deputy Energy Minister Pavel Sorokin said that a protective duty on fuel exports from Russia was being considered as a potential measure to stabilize the market, but how to compensate refineries was not yet resolved.
Earlier, Deputy Prime Minister Alexander Novak attributed the hike in wholesale fuel prices to an increase in prices for petroleum products on global markets, as well as to depreciation of the ruble against the dollar.
