Russia's anti-monopoly service considers month-long gasoline export ban
Investing.com -- In a move to stabilize wholesale gasoline prices ahead of the crop-sowing season, Russia's Federal Anti-Monopoly Service is contemplating a one-month ban on gasoline exports by major producers. The state news agency TASS reported this development on Friday.
The service's deputy head, Vitaly Korolyov, indicated that the export ban is just one of several potential solutions under consideration. He noted that wholesale gasoline prices have been on the rise recently, a development he characterized as a correction following an extended period of decline. However, he also pointed out that the increase in retail prices has not surpassed the overall inflation rate.
Korolyov suggested an alternative strategy to stabilize the wholesale market. This could involve the creation of a forward market, which could help to lessen seasonal demand to some extent.
The Energy Ministry of Russia has issued a statement in response to these developments. The ministry highlighted its ongoing monitoring of the domestic fuel market. It stated that if required, it could decide to implement a ban on exports to ensure sufficient domestic supply.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.