Russia has banned the export of petrol for 6 months

Russia has banned the export of petrol for 6 months

News By Feb 27, 2024 No Comments

Moscow: Russia has imposed a six-month ban on petrol exports, effective from March 1.

The world media has reported with reference to the Russian official news agency “Tass” that the Russian Prime Minister Mikhail Mishustin has approved the ban on the export of petrol, which will be applied for 6 months from March 1.

Russian media has quoted Deputy Prime Minister Alexander Novak as saying that oil consumption in the local market will increase soon, in view of which exports are being banned to keep domestic oil prices stable.

The ban on Russian petroleum exports will not apply to the Eurasian Economic Union (UAEU) states, which include Armenia, Belarus, Kazakhstan and Kyrgyzstan, as well as the breakaway regions of Abkhazia and South Ossetia from Mongolia, Uzbekistan and Georgia.

It should be noted that in order to avoid the shortage of petrol and increase in prices at the national level, Russia had imposed a temporary ban on the export of petrol in September last year, but this ban was lifted two months later in November. is long

It is believed that one of the reasons for the long-term temporary ban on petrol exports is that the Russian government wants to keep petrol prices under control during the presidential elections next month.

It should be noted that the date of March 15 to 17 has been set for holding presidential elections in Russia.

In 2023, the production of petrol in Russia was 43.9 million tons, of which 5.76 million tons of petrol were exported. Major importers of Russian petrol include African countries including Nigeria, Libya and Tunisia and the United Arab Emirates.

It should be noted that Russia has already voluntarily cut its oil exports by 500,000 barrels per day during the first quarter as part of OPEC Plus’ efforts to support the price of oil.

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