2023-09-23 11:21:00
Written by – Marwa Al-Ghoul Saturday, September 23, 2023 02:21 PM Prices recorded Oil $93.27 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $90.03 per barrel upon settlement on Friday.
The Russian government announced the imposition of temporary restrictions on the export of gasoline and diesel fuel to stabilize the local market.
The Russian Cabinet stated – in a statement reported by the Russian (TASS) news agency – “Russia has imposed temporary restrictions on the export of automobile gasoline and diesel fuel, and Prime Minister Mikhail Mishustin signed a decree to this effect. The decision aims to stabilize fuel prices in the local market.”
According to the statement, the temporary restrictions “will help saturate the fuel market, which in turn will reduce prices for consumers.”
Earlier, in order to stabilize the situation on the fuel market, the Russian government increased the standards for the supply of automobile gasoline and diesel fuel to the stock exchange.
In recent months, gasoline and diesel exchange rates have reached record levels but began to fall this week.
Last week, a source told TASS that the Russian government is considering two options to stabilize fuel prices, imposing a complete ban on the export of petroleum products for a certain period to fill the market, as well as increasing export duties to $250 per ton on petroleum products.
Russian First Deputy Energy Minister Pavel Sorokin said that protective duties on fuel exports from Russia are considered one of the possible measures to stabilize the market, but the issue of compensation for refineries in relation to them has not been resolved.
Earlier, Russian Deputy Prime Minister Alexander Novak attributed the rise in wholesale fuel prices to the increase in prices of petroleum products in global markets, as well as the decline in the value of the ruble once morest the dollar.
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