The Russian government decided to ban gasoline exports from April 1st. Deputy Prime Minister Alexander Novak was instructed to prepare a corresponding resolution, Kommersant reports .
Illustrative photo. Photo: Nasha Niva
Russian authorities explain this step by the desire to curb fuel price increases and primarily supply the domestic market. However, experts note that such a measure will rather slow down the price hike but will not lead to a significant price reduction.
The rise in gasoline prices is linked to the war between the US and Israel against Iran and the de facto closure of the Strait of Hormuz, through which about a fifth of global oil supplies pass. Against this backdrop, Brent crude oil prices in March exceeded $100 per barrel and at one point reached about $126, after which they stabilized at around $110.
The situation in Russia was further complicated after Ukraine's strikes on the port of Ust-Luga in the Leningrad region on March 25. All of this combined could lead to a reduction in oil refining and production, and also create problems with exports. Some Russian companies have already warned buyers about potential supply disruptions.
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