Russian Deputy Prime Minister Alexander Novak revealed that Russia is contemplating the implementation of quotas on the export of oil products as a measure to stabilize gasoline prices. The move comes as gasoline wholesale prices reached an all-time high, causing concerns about the impact on the domestic market.
Novak stated that the idea of introducing export quotas is being considered, although there are other proposals on the table as well. He emphasized the need to carefully assess the advantages and disadvantages of such a measure before making a decision. The statement was reported by the RIA news agency.
In response to the rising demand and prices, some refineries have postponed their planned maintenance schedules to ramp up production. This increase in refining capacity could aid Russia’s commitment to reduce crude oil exports by 500,000 barrels per day in August, a move aimed at supporting the global oil market.
Meanwhile, average gasoline prices at the Saint-Petersburg International Mercantile Exchange (SPIMEX) surged by 1.8 percent on Wednesday, reaching an unprecedented 62,653 roubles ($694.5) per tonne.
It is worth noting that retail fuel prices in Russia remain relatively stable as they are regulated by the state. However, the sharp increase in wholesale gasoline prices has raised concerns about the potential impact on consumers and the overall economy.
As the situation unfolds, Russian authorities are carefully evaluating different measures to address the challenges posed by soaring gasoline prices and to maintain stability in the energy market. The consideration of export quotas on oil products reflects the government’s efforts to strike a balance between domestic and international market demands.