Russia could lift its ban on gasoline exports early if the domestic market becomes saturated, Deputy Prime Minister Alexander Novak said Wednesday.
The ban “is a step taken in advance. There is no supply deficit in the market at the moment,” Novak told reporters in the Iranian capital Tehran following meetings with officials.
“We will ensure the balance of supply and demand for the future,' he said, adding the situation in the oil product market in Russia is stable.
Noting that the ban only covers gasoline exports, Novak said: “This measure will only apply to gasoline and will be applied for six months from March 1. During this period, another decision can be made if necessary. If the market is saturated, the ban can be lifted.'
Russian media reported Tuesday that the government decided to ban exports of gasoline from March 1 in an effort to keep domestic prices stable amid increased demand from consumers and farmers and to allow local refineries to carry out maintenance.
Russia briefly imposed a gasoline export ban in September last year to combat rising domestic fuel prices, lifting it after two months.,
Reporting by Emre Gurkan Abay in Moscow
Writing by Handan Kazanci
Anadolu Agency
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