The issue of a possible ban on gasoline exports has been raised against the backdrop of a sharp increase in exchange prices for fuel, triggered by the conflict in the Middle East. According to sources, the introduction of restrictions for a period of more than one month — up to a quarter — is being discussed. It should be noted that similar measures were in effect in Russia in August last year and were lifted on January 31. Currently, the export of gasoline and diesel outside the country is only prohibited for non-producers.
On March 25, Deputy Prime Minister Alexander Novak stated the need for urgent measures to ensure the domestic fuel market amid the global energy crisis. He noted that global prices for petroleum products and crack spreads have significantly increased, negatively affecting the situation in the country. Novak emphasized the importance of quickly developing mechanisms to meet Russia's needs and curb rising prices at gas stations. He acknowledged that the task is challenging but must be resolved as soon as possible.
Since the end of February, there has been a rise in fuel prices in Russia, linked to the start of the military operation by the US and Israel against Iran. This conflict has affected major players in the oil and gas market, such as Saudi Arabia and Qatar, and led to the blockage of the Strait of Hormuz, through which 20% of global oil shipments and 30% of LNG pass. This has caused serious supply disruptions and significant increases in energy prices.
Since the beginning of spring, wholesale prices for gasoline and diesel fuel on the St. Petersburg International Commodity Exchange have increased by 14% and 22%, respectively. As of March 24, the average price for AI-92 gasoline and diesel fuel for refineries in the European part of Russia was approximately 68,500 rubles and 67,500 rubles per ton.
Soon, the country will begin its spring sowing campaign, as well as scheduled repairs at refineries, which may lead to further increases in wholesale fuel prices. In the context of rising seasonal demand, Russian producers intend to bring prices to export parity, increasing them by 5,500 rubles per ton for gasoline and by 9,500 rubles per ton for diesel, as claimed by market participants quoted by Reuters.
