Russia lifts gasoline export ban

The Russia ‘s Ministry of Energy announced on Friday that it has lifted the ban on gasoline exports, citing a surplus of supply and declining wholesale prices. This move comes after the country had already removed most restrictions on diesel exports last month, emphasizing a surplus in supply and a decrease in prices.

The energy ministry noted that it reserves the right to reimpose export bans if necessary, highlighting that current stocks of gasoline have risen to approximately 2 million metric tons. Over the past two months, Russia maintained high levels of oil refining, ensuring saturation of the domestic market and creating a surplus in motor gasoline supply, including in the exchange sales channel.

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The initial ban on fuel exports was introduced on September 21, with the aim of addressing high domestic prices and shortages. Belarus, Kazakhstan, Armenia, and Kyrgyzstan were the only exceptions to the ban, being former Soviet states.

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The Russian government eased restrictions on October 6, allowing the export of diesel by pipeline while keeping measures on gasoline exports in place. At that time, overseas supplies of diesel and other fuels by truck and railway remained prohibited.

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The decision to lift the ban on gasoline exports may pose challenges to Russia’s goal of reducing its oil and petroleum product exports by 300,000 barrels per day until the end of the year compared to the average levels in May and June. Nevertheless, Russia has affirmed its commitment to continue the additional voluntary supply cut until the end of December, in coordination with the OPEC+ group of exporters.

Diesel remains Russia’s largest oil product export, accounting for approximately 35 million metric tons last year, with a significant portion transported via pipelines.

Gasoline exports in 2022 amounted to 4.8 million tons. Analysts had anticipated the removal of the remaining restrictions in mid-November, aligning with officials’ statements that the ban would be lifted once the domestic market stabilized, with expectations heightened post the completion of the grain harvest.

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