No decision on complete gasoline export ban yet, but Russian authorities are prepared, monitoring fuel market - sources

MOSCOW. July 9 (Interfax) - There is no decision yet on a complete ban on gasoline exports (including for oil companies as producers), although technically everything is ready, with the Federal Antimonopoly Service and the Energy Ministry supporting this idea, sources told Interfax following a meeting on the fuel market situation chaired by Deputy Prime Minister Alexander Novak on Wednesday.

Representatives of relevant agencies will monitor the situation and are prepared to quickly implement a full gasoline export ban if conditions deteriorate, the sources said. One source mentioned a week as the nearest monitoring timeframe.

Novak's office confirmed that the government has not introduced a complete ban on gasoline exports, and no corresponding decision has been made.

Currently, until August 31, 2025, there is a ban on gasoline exports for non-producers, but the restriction does not apply to supplies from companies manufacturing petroleum products - that is, major oil corporations.

It was previously reported that gasoline exchange prices have surged sharply and have remained at high levels for several weeks. According to the St. Petersburg Exchange, gasoline prices ended June at their highest levels since the beginning of this year. In July, they nearly reached the record highs of 2023.

Due to high wholesale prices, the marginal profitability of gas stations has turned negative when accounting for operational costs, forcing stations to raise prices, representatives of retail chains said. According to Rosstat data, consumer gasoline prices rose 0.2% in the last two weeks of June, compared to a 0.1% increase in mid-June and a 0.07% rise at the beginning of the month. Gas station prices have increased 3.25% since the start of the year against overall inflation of 3.76%.

The domestic fuel market situation remains under control and that price fluctuations are seasonal, the Energy Ministry said. "The fuel market remains in a surplus state, and the demand for petroleum products is fully covered. The Energy Ministry, the Federal Antimonopoly Service and oil companies are aware of the importance of price stability and are taking the necessary measures to maintain balance," the ministry told Interfax.