Russia Set to Prolong Gasoline Export Ban
(MENAFN) Russia declared on Monday that it will prolong its gasoline export ban as domestic prices continue to climb.
According to a written release from the Russian Ministry of Energy, Deputy Prime Minister Alexander Novak and other senior officials convened in Moscow to review the nation’s gasoline price situation.
The statement highlighted a surge in summer gasoline demand and heightened consumption within the agricultural sector, prompting the decision to extend the export restrictions.
It also revealed that probes into suspected "price inflating" in various Russian regions have been initiated.
The Russian government initially imposed a temporary gasoline export ban on July 28, set to last through August 31, in response to record-breaking price spikes. However, prices have persisted in rising despite these measures.
Fuel prices in Russia regularly spike due to attacks on oil refineries by unmanned aerial vehicles (UAVs) and increased demand, especially in agriculture.
As one of the globe’s top energy exporters, Russia churns out over 40 million tons of gasoline each year.
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