Russia Considers Temporary Gasoline Export Ban to Control Prices

Russia's Federal Anti-Monopoly Service may impose a temporary gasoline export ban to stabilize prices before crop sowing. Deputy head Vitaly Korolyov suggests creating a forward market as an alternative solution. The current dynamics allow major companies to export gasoline, but restrict traders and re-sellers.

Russia's Federal Anti-Monopoly Service is weighing the possibility of imposing a temporary, one-month ban on gasoline exports by major producers. This measure aims to stabilize wholesale prices as the crop-sowing season approaches, according to a report by state news agency TASS.

Vitaly Korolyov, deputy head of the service, indicated that an export ban is just one of several strategies under consideration. Current regulations allow major oil companies to export gasoline, while traders and re-sellers remain restricted due to a policy implemented last March.

Korolyov noted a recent recovery in wholesale gasoline prices, branding it a correction after a prolonged decline. However, he reported that retail price hikes have not exceeded the general inflation rate. An alternative approach could involve the creation of a forward market to help balance seasonal demand.

(With inputs from agencies.)