Russia Considers Extending Gasoline Export Approval

Russia's government may allow its largest oil companies to export gasoline until February's end, boosting refinery operations. The initial export ban was imposed to curb rising fuel prices and potential shortages. Refineries unaffected by this include Gazprom Neft, Lukoil, and Rosneft.

Russia is set to continue allowing its major oil companies to export gasoline until the end of February. This decision, reported by the Kommersant newspaper, comes as part of a government strategy to maximize refinery production rates.

Initially, a ban on gasoline exports was introduced to tackle the sharp increase in domestic wholesale fuel prices and avert a looming shortage. However, as November closed, the government partially lifted the ban, allowing producer companies to export while still restricting independent traders and re-sellers until January 31.

The possible extension of export permissions applies primarily to the top Russian gasoline producers, including Gazprom Neft's Omsk refinery, Lukoil's NORSI oil refinery, and Rosneft's Ryazan refinery, bypassing restrictions imposed on supplies destined for the Eurasian Economic Union and specific countries like Mongolia due to existing agreements.

(With inputs from agencies.)