Russia Extends Petrol Export Ban Amid Price Surge
Written by Jerry Alomatu on August 14, 2024
On Wednesday, the Russian government announced an extension of its petrol export ban for an additional six months, from September 1 to December 31, 2024. The move aims to stabilize the domestic fuel market following significant price increases.
In a statement, the government explained that the export restriction is designed to maintain price stability “during a period of continued seasonal demand and planned repairs on oil refineries.”
This new ban follows a similar measure introduced in March, which was temporarily lifted between May and July due to a surplus in the domestic market. However, the government clarified that exports under existing intergovernmental agreements, including those with Belarus, Kazakhstan, Kyrgyzstan, and Armenia—members of the Eurasian Economic Union—will not be impacted by this restriction.
Despite its vast energy resources, Russia previously imposed a similar export ban on diesel and petrol last year, driven by rising domestic fuel prices and the economic effects of sanctions on the ruble.
Official figures indicate that Russia produced 43.9 million tonnes of petrol in 2023. Revenue from oil and gas sales remains crucial for Moscow, especially as it continues to fund its military operations in Ukraine. In recent months, Ukrainian forces have conducted drone attacks on fuel depots, disrupting essential supplies for Russian military operations.
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Author: Jerry Alomatu
Astute communicator
