Russia announced that it will continue the ban on fuel exports

Russian Energy Minister Nikolay Shulginov stated that they are closely monitoring the situation on the fuel market and said: “Do not expect the ban on fuel exports to be lifted soon. “The ban will continue until fuel supplies and prices stabilize,” he said.

Shulginov made statements to the Russian news agency TASS about the gasoline and diesel export ban that his country put into effect on September 21.

Shulginov stressed that in the Russian fuel market a balance must be achieved between producers and consumers: “The important thing for us in this regard is to satisfy the domestic market both in terms of costs and volume. “Especially for farmers,” he said.

Shulginov said: “We, other institutions and companies, monitor the market daily to take possible additional measures. Don’t expect the fuel export ban to be lifted anytime soon. “The ban will continue until fuel supplies and prices stabilize,” he said.

RECOMMENDATIONS FOR OIL COMPANIES

Noting that they hope the fuel market in Russia will stabilize and prices will drop, Shulginov stated that “the necessary recommendations” have been given to oil companies.

Shulginov also stressed that the issue of fuel supply to agricultural producers is under the special control of the Russian Ministry of Energy.

The Russian government last week banned the export of fuel products due to rising gasoline and diesel prices in the country.

Russia, one of the world’s largest oil producers, exports approximately 100,000 barrels of gasoline and 900,000 barrels of diesel per day. The country’s total diesel exports were 35 million tonnes last year and gasoline exports were 4.8 million tonnes. (AA)