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Russia may ban petrol exports if domestic prices keep rising – former energy minister

Russia may ban petrol exports if domestic prices keep rising – former energy minister

The Russian government is ready to take tough measures to keep a lid on domestic fuel prices, Deputy Prime Minister Alexander Novak said. This includes stopping exports of petrochemicals if the situation gets worse, he warned.

The official clarified that the potential ban would impact traders, not the country’s crude producers.

“We expect the market to improve in the near future,” the former energy minister said, highlighting the current downward trend in exchange prices.

Novak urged oil companies to assist with making the domestic oil market stable, adding that a steady increase in petroleum supply would help.

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“We have already opted to raise the standards for the sale of petrol on the [domestic] commodities exchange to 12%. In particular, an increase in supply can be achieved due to the accumulated fuel reserves,” he said.

In July, Russian Energy Minister Nikolai Shulginov said that the government is mulling the idea of imposing a ban on exports of petrol amid rising domestic fuel prices.

Petrol prices in Russia have been rising rapidly over the past months partially due to a boom in domestic tourism as coronavirus restrictions made international travel more difficult.

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