January 26, 2024
Russia on Tuesday imposed a six-month ban on petrol exports beginning March 1 to compensate for increased consumer and agricultural demand and to allow for planned maintenance of its refineries.
The action attempts to offset the rise in demand in the spring and summer, according to the spokeswoman for the deputy prime minister Alexander Novak. She added that another conceivable solution is to raise the diesel sales rate on the stock exchange to 16%.
Russia enforced a similar restriction between September to November last year to address high domestic pricing and shortages. The ban was repealed as the domestic fuel market became saturated and a supply surplus emerged. Only four former Soviet states – Belarus, Kazakhstan, Armenia, and Kyrgyzstan – were exempt
Source: Energy Ghana