Moscow, Russia (TEH) – Deputy Prime Minister of the Russian Federation, Alexander Novak, has endorsed the Russian Ministry of Energy’s suggestions to restrict the quantity of gasoline exporters, according to an announcement on the government’s website, reported by TASS. This statement followed a discussion focused on the state of the petroleum products market.
Novak further commanded the Federal Antitrust Service and the Ministry of Energy to persist their efforts alongside oil companies to augment the sale of motor fuel in the petroleum products market, a directive that extends to stock market trading as well.
The Ministry of Energy had earlier voiced its aim to restrict the number of exporters as a means to curb gray export programs. As per Kommersant, a local news source, the ministry is in talks with the government to put forth a draft document proposing a restricted list of refineries authorized to supply gasoline for export.
Regulators and market participants have pointed out that gray gasoline exports have significantly contributed to the sudden surge in wholesale fuel prices.
Earlier, Novak also indicated that gasoline prices in Russia would regain stability once refinery repairs were concluded. He also mentioned the ongoing efforts of authorities to stabilize the situation in the stock market.