Russia imposes temporary restrictions on fuel exports

"Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers," the government said in a statement. "Previously, to stabilize the situation on the fuel market, the government raised the mandatory supply volumes of motor gasoline and diesel fuel to the commodity exchange," it added.

Russia has introduced temporary restrictions on exports of gasoline and diesel in order to stabilise the domestic market, the government said on Thursday.

It did not specify how the restrictions would work. The energy ministry said separately that they would prevent unauthorised "grey" exports of motor fuels. Russia in recent months has faced shortages of gasoline and diesel and wholesale fuel prices have spiked because of rising global oil prices and a weakening of the rouble.

Russia has a longstanding policy of capping retail fuel prices, trying to curb them in line with official inflation. "Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers," the government said in a statement.

"Previously, to stabilize the situation on the fuel market, the government raised the mandatory supply volumes of motor gasoline and diesel fuel to the commodity exchange," it added. "Daily monitoring of fuel purchases for the needs of agricultural producers with prompt adjustment of volumes has also been set up."

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