government is discussing a temporary ban on fuel exports to stabilize prices – Kommersant
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The Russian government is discussing measures to stabilize fuel prices on the domestic market. Now it is considering two options – introducing a temporary ban on fuel exports and increasing the export duty on petroleum products to $250 per ton, it said TASS with reference to a source in the government following a meeting between Russian Deputy Prime Minister Alexander Novak and oil companies and government departments.
According to the interlocutor, at the meeting the parties made proposals to stabilize fuel prices. “Now the choice is between two options. The first is an increase in the export duty to $250 per ton. The payment will be returned to those bona fide exporters who supply the domestic market with the percentage of petroleum products determined by government decree. The second is a complete ban on the export of petroleum products for a certain period to saturate the market,” the source said.
The interlocutor said that Mr. Novak instructed to select the most preferable option in the near future, taking into account the effectiveness of the impact on the cost of motor gasoline in the Russian Federation and the possible consequences for the oil market. According to the Deputy Prime Minister, the meeting was attended, in particular, by representatives of the Ministry of Finance, the Ministry of Energy and the Federal Antimonopoly Service.
On August 30, Alexander Novak said that the government was working on measures to stabilize the situation on the fuel market. He also promised that a list of companies that will be allowed to export fuel will soon be compiled. Discussion of the measures began after Russia in July started gasoline prices will rise against the backdrop of growing export alternatives and low supply on the market.
To curb fuel prices in the Russian Federation, the Ministry of Energy proposed allowing fuel exports only to oil refineries. According to Kommersant, the corresponding draft decree, which is currently being approved, will be in force until 2026. However, market participants doubt the effectiveness of the restrictions, especially if all refineries, including small plants that do not produce commercial fuel, are allowed to export.
More details in the material “Export to factories”.
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