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(Bloomberg) — Russia will allow the nation’s refineries to continue exporting gasoline for another month as the domestic market remains well supplied.
The government prolonged the permit given to refiners until July 31, according to a decree published on Saturday. The previous order had been set to expire on June 30.
“The earlier adopted export regulations have proved efficient and allowed saturation of the domestic market,” Energy Minister Sergei Tsivilev said in a separate statement, elaborating on the extension. Currently, domestic fuel stockpiles are sufficient and the local demand is met in full, he said.
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Russia limited gasoline exports for six months starting March 1 to prevent a shortage of the fuel and a surge in prices as President Vladimir Putin campaigned for a fifth term. The decision was also linked to Ukrainian drone attacks on Russia’s refineries, which curbed gasoline output before usual spring maintenance.
The government temporarily lifted the ban from May 20 through the end of June as domestic supplies proved more than sufficient to meet demand, and risks flipped to overstocking.
In February, just before the ban, Russia exported about 141,000 barrels a day of gasoline, or almost 14% of its total production of the fuel, according to industry data seen by Bloomberg. About half of Russian gasoline exports go to nations under intergovernmental agreements, including to countries of the Eurasian Economic Union, which were excluded from the restrictions.
(Updates with statement from energy minister in third paragraph)
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