Russian energy ministry proposes gasoline export ban

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Russia’s energy ministry has proposed banning gasoline exports for three months, according to a draft document seen by Reuters, as fuel prices, a sensitive issue for the domestic policy, have been on the rise.

Gasoline demand has recovered in Russia following a sharp drop last year amid the pandemic. The government had even introduced a ban on imports of cheap fuel, a measure lifted in October.

According to the state statistic agency, average retail price of gasoline as of April 26 stood at 47.64 roubles ($0.64) per litre, up 3.4% from the end of 2020.

Prices are poised to rise further amid seasonal maintenance of refineries and a higher demand for fuel.

Last week, Deputy Prime Minister Alexander Novak said the government was ready to support export bans on some fuels.

Photo: Flags wave outside of the Russian Gazprom company’s headquarters in Moscow, Russia. EPA-EFE/MAXIM SHIPENKOV

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