The Cabinet of Ministers gave oil companies a week to reduce stock prices for gasoline

The government intends to introduce a complete ban on gasoline exports from Russia for August-September. Regulators plan to monitor the market for another week and, if the situation worsens, take such measures. The relevant decision was made at a meeting on the domestic motor fuel market with Deputy Prime Minister Alexander Novak, which took place on July 9.

Fuel balance: stock prices for gasoline jumped by more than 10%

What is the reason for this and what will happen to the sowing campaign?

The ban on gasoline exports from Russia for non-producers (traders, oil depots and organizations with a production capacity of less than 1 million tons of fuel per year) is in effect from March 1 to August 31. Initially, the ban on the export of gasoline abroad, except for the EAEU countries, was in effect in the Russian Federation from March 1 to August 31, 2024, but on May 20 it was suspended and resumed in the fall. According to Izvestia's sources, in mid-May, at a meeting with Alexander Novak, it was decided to extend the ban for non-manufacturers until October.

In addition, Deputy Prime Minister Alexander Novak instructed companies to timely withdraw oil refineries from repairs and comply with planned fuel production targets, the press service of the Cabinet of Ministers reported.

"We cannot allow a sharp rise in gasoline prices. I ask the Ministry of Energy, together with oil companies, to keep abreast of the pulse and manually balance the supply of fuel to the market in order to meet the increased consumer demand in the summer and the first months of autumn. To do this, it is necessary to ensure its uniform sale on the stock exchange, as well as to prevent oil companies from purchasing goods from each other on the stock exchange. They must purchase fuel under direct contracts," the Deputy Prime Minister said.

The FAS told Izvestia that measures to reduce the volatility of fuel prices on the stock exchange were also discussed at the headquarters meeting. In addition, the service and the St. Petersburg Stock Exchange have identified unfair practices among oil traders. Fines were imposed on them, as well as access to stock trading was suspended. Earlier, the FAS sent a request to Gazprom PJSC about the reasons for the decrease in fuel sales on the stock exchange (the company owns the Astrakhan Gas Processing Plant and Surgutsky ZSK, which produce gasoline and diesel). The service has received information from the company and is currently analyzing it.

"Also, at the moment, five antimonopoly cases are being considered in the territorial authorities for unjustified price increases at gas stations," the FAS press service added.

Read more in the exclusive Izvestia article:

Reverse bill: the Cabinet of Ministers gave oil companies a week to reduce stock prices for gasoline