Kathmandu. The Russian government has made a big announcement. Russia has decided to ban gasoline exports from April 1 in a bid to stabilize domestic fuel prices.
The decision comes amid turmoil in global energy markets due to the US-Iran war in the Middle East. The decision could spell a further crisis in energy markets for some countries that import gasoline directly from Russia. These include China, Turkey, Brazil, Africa and Singapore.
According to Russian Deputy Prime Minister Alexander Novak, the price of global oil and petroleum products is fluctuating significantly due to the crisis. However, demand for Russian energy abroad remains strong. The announcement came after a meeting chaired by Novak to review the domestic petroleum products market.
During the meeting, Russian President Vladimir Putin stressed the need to prevent the price of domestic fuel from rising too much. The energy ministry has said oil refining prices will remain at March 2025 levels. This ensures a steady domestic supply.
Why did Russia make this decision?
Russia said the decision was made to maintain sufficient gas and diesel reserves to meet domestic demand and to ensure a reduction in domestic industrial demand. “The Russian president’s goal of preventing domestic fuel prices from rising more than expected has been stressed,” the government said in a statement. ’
Novak instructed the energy ministry to prepare a proposal to ban gasoline exports from April 1 in order to stabilize prices and prioritize supplies to the local market.
How much gasoline does Russia export?
Russia exports about 120,000 to 170,000 barrels of gasoline per day. The announcement comes as a major blow to major buyers of Russian oil production such as China, Turkey, Brazil, Africa and Singapore. –Agency
