The fuel export ban, which was introduced in the Russian Federation on March 1 and then lifted in May, will be resumed on August 1.
The Russian government is bringing back the ban on fuel exports from the country, as prices on the wholesale market have risen by tens of percent since the beginning of the year and a shortage of AI-95 brand has appeared. The Moscow Times writes about it on Tuesday, July 23.
Since the beginning of June, wholesale prices for AI-95 fuel in Russia have increased by 44%, exceeding 70 thousand rubles per ton ($800). There was a chronic shortage of it in the market.
The price of AI-92 in St. Petersburg stock exchange has risen 23% since the beginning of the year and is close to the records of autumn 2023, when the country was gripped by a fuel crisis at the height of the harvest.
The fuel export ban, which was introduced in Russia on March 1 and then lifted at the end of May, will be renewed on August 1. The Russian Ministry of Energy proposes to extend the ban until September-October.
Let’s recall that after a series of Ukrainian attacks on the largest Russian refineries, the volume of oil refining in June fell to a two-year low. Gasoline production decreased by 20% from the end of December 2023 to the end of May 2024, and diesel fuel production by 11%.
Since June, the Russian Ministry of Energy has stopped publishing weekly operational data on fuel production, citing the “geopolitical situation” and the need to protect the market from “manipulation.”
Source: korrespondent
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