Espreso. Global

Russia to ban petrol exports after Ukraine attacked oil refineries

27 February, 2024 Tuesday
15:40

Russia to ban petrol exports to other countries starting from March 1. This restriction will be imposed after a number of Ukrainian army attacks on oil refineries and accidents, the consequences of which cannot be quickly addressed due to Western sanctions

This was reported by Radio Svoboda

According to Alexander Novak, a spokesman for the Russian Deputy Prime Minister, the ban will be in place for half a year, said. The step is intended to keep prices down at a time when demand for fuel is rising and production is falling.

It is expected that refineries will also be required to sell 16 percent of the diesel they produce on the market. They are now required to sell 12.5 percent.

Four refineries in Russia, including those in Volgograd, Krasnodar Region, Tuapse and Ust-Luga, were damaged by Ukrainian drone attacks in January and February. A major breakdown occurred at the Nizhny Novgorod refinery. Gasoline production in Russia fell by almost 2%.

Against this background, the exchange prices for AI-92 and AI-95 gasoline, as well as for summer diesel fuel, have increased by 8-23% since the beginning of the year, RBC reports.

The Russian government had already imposed a ban on fuel exports in the fall. At the time, industry experts noted that the government had no way of maintaining such a ban for long. There is nowhere to store fuel, and overstocking would lead to a reduction in oil production, Kommersant wrote.

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