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| Russia may ban petrol exports if domestic prices keep rising – former energy minister | Russia may ban petrol exports if domestic prices keep rising – former energy minister |
| (2 months later) | |
| The Russian government is ready to take tough measures to keep a lid on domestic fuel prices, Deputy Prime Minister Alexander Novak said. This includes stopping exports of petrochemicals if the situation gets worse, he warned. | The Russian government is ready to take tough measures to keep a lid on domestic fuel prices, Deputy Prime Minister Alexander Novak said. This includes stopping exports of petrochemicals if the situation gets worse, he warned. |
| The official clarified that the potential ban would impact traders, not the country’s crude producers. | The official clarified that the potential ban would impact traders, not the country’s crude producers. |
| “We expect the market to improve in the near future,” the former energy minister said, highlighting the current downward trend in exchange prices. | “We expect the market to improve in the near future,” the former energy minister said, highlighting the current downward trend in exchange prices. |
| Novak urged oil companies to assist with making the domestic oil market stable, adding that a steady increase in petroleum supply would help. | Novak urged oil companies to assist with making the domestic oil market stable, adding that a steady increase in petroleum supply would help. |
| “We have already opted to raise the standards for the sale of petrol on the [domestic] commodities exchange to 12%. In particular, an increase in supply can be achieved due to the accumulated fuel reserves,” he said. | “We have already opted to raise the standards for the sale of petrol on the [domestic] commodities exchange to 12%. In particular, an increase in supply can be achieved due to the accumulated fuel reserves,” he said. |
| In July, Russian Energy Minister Nikolai Shulginov said that the government is mulling the idea of imposing a ban on exports of petrol amid rising domestic fuel prices. | In July, Russian Energy Minister Nikolai Shulginov said that the government is mulling the idea of imposing a ban on exports of petrol amid rising domestic fuel prices. |
| Petrol prices in Russia have been rising rapidly over the past months partially due to a boom in domestic tourism as coronavirus restrictions made international travel more difficult. | Petrol prices in Russia have been rising rapidly over the past months partially due to a boom in domestic tourism as coronavirus restrictions made international travel more difficult. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |