Russia Reinstates Gasoline Export Ban Amid Rising Domestic Prices

World » RUSSIA | August 15, 2024, Thursday // 08:10
Bulgaria: Russia Reinstates Gasoline Export Ban Amid Rising Domestic Prices @Pixabay

The Russian government has reintroduced a ban on gasoline exports, effective from September 1 until the end of the year, in an effort to stabilize domestic prices following significant increases. This measure comes in response to rising fuel demand during the summer season and scheduled maintenance at oil refineries, some of which have also been damaged by Ukrainian drone strikes.

Russia initially banned fuel exports from March 1 but lifted the restriction from May 20 until the end of July, citing "domestic market saturation" as the reason for the temporary reprieve. However, the new ban aims to curb further price hikes and ensure sufficient fuel supply within the country.

The ban does not apply to supplies under intergovernmental agreements, including those with countries from the Eurasian Economic Union, such as Belarus, Kazakhstan, Kyrgyzstan, and Armenia. According to official data, Russia produced nearly 44 million tons of gasoline last year. The sharp rise in retail prices in autumn 2023 exacerbated the economic strain on the population, already burdened by the weakening ruble due to Western sanctions.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Russia » Be a reporter: Write and send your article
Tags: gasoline, exports, Russian, price

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria