Russia temporarily lifts gasoline export ban to manage refinery stock

Russia has met the demand for domestic gasoline supplies, allowing refineries to export again, though for a limited time. According to the decree signed by Prime Minister Mikhail Mishustin and published on Monday, refineries can export gasoline only from May 20 to June 30, Bloomberg reports.

The communiqué explains that the decision was made "to prevent a decline in oil processing in individual refineries due to excessive gasoline inventories."

Russia limited gasoline export to foreign markets from March 1 for six months to avoid domestic fuel shortages and price spikes. This measure was only partially successful.

During this period, Ukrainian drone attacks on Russian refinery infrastructure significantly reduced processing capabilities, necessitating the shutdown of some plants.

Bloomberg points out that seasonal production increases helped cover the losses and saturate the market. The agency recalls that in February, just before the ban was introduced, Russia was selling about 141,000 barrels of gasoline per day abroad, nearly 14% of the total production.

Deputy Prime Minister Alexander Novak argued that the Russian fuel market is stable, stating that "the economy, companies, and citizens are fully supplied with oil products." He emphasized that "it is important to prevent excessive storage in refineries."